Millions of dollars of Ethereum withdrawn from the world’s largest cryptocurrency exchange, is the sale over?

Ethereum ($ETH) It has suffered over 21% decline over the past 7 days as volatility continues to impact the coin’s performance. However, Lookonchain, an on-chain analytics platform, appears to be showing signs of reversal. spotted 6,368 $ETH Close Binance Exchange.

Ethereum whale activity shows confidence

Of note, 6,368 $ETHworth $14.79 million, was withdrawn from the world’s largest cryptocurrency exchange by a wallet believed to belong to Jacob Zhao, a portfolio manager at HashKey Capital.

The move suggests Mr. Zhao has no intention of selling the asset any time soon. Rather, he is moving it to self-management or staking. This wallet is linked to a professional fund manager, demonstrating confidence in Ethereum’s prospects in the crypto market despite continued volatility.

The Ethereum community is already bullish about this large withdrawal, with some saying it is rare for professional investors to move such amounts off an exchange for short-term trading. They expressed excitement that Ethereum has the potential to bounce back despite the prolonged volatility.

Ethereum has fluctuated between a low of $2,265.60 and a high of $2,393.06 in the past 24 hours. As of this writing, Ethereum exchange The hand was worth $2,281.71, which corresponds to a slight increase of 0.19% in coins.

However, trading volume remained low, down 35.65% to $34.94 billion. This is probably due to institutional reasons Damping by Blackrock. Wealth management giant deposited $59,327 in the last 48 hours $ETH Equivalent to approximately $133.6 million on Coinbase. These developments have led some individual investors to approach the market cautiously.

Ethereum staking among institutional investors inspires confidence

Nevertheless, market watchers expect this situation to improve as whales are entering accumulation mode. As reported by U.Today, the famous whale entity is “7 brothers” was very aggressive, spending about $31 million on buyouts.

If such a large accumulation continues on several fronts, it could cause an increase in volume and positively impact prices.

On the other hand, Ethereum financial giant BitMine is betting more than half the $ETH spare. As discovered by Arkham Intelligence, BitMine moved 209,504 $ETH Go to staking contract. This is considered a bullish indicator as it suggests confidence in Ethereum’s future price prospects.

While the assets are at stake, BitMine can generate between $190 million and $200 million in annual revenue from them.