Significant #Ethereum (#ETH) Balance Moved to #Binance to Await Action

November 14, 2018

 

Binance saw significant transfers in the past day, reaching 45,000 ETH, so far with an unknown effect on the markets.

 

Several large tranches of Ethereum (ETH) have gone into a known Binance wallet from previously unknown addresses. The transfers are yet to make significant whale moves, and the intention behind the transfers is unknown.

Close to 45,000 $ETH ($9,385,000.00 USD) has been moved to #Binance in the last 2h. That's about a 3rd of Binance's total ETH volume in the last 24h. Expect some volatility.

— WhaleWatch.io (@whalewatchio) November 12, 2018

Binance is one of the best-visited exchanges, and it sees significant activity given the ability to use the large ETH balance to move various assets. 

The amount of ETH transferred surpasses the 24-hour ETH volume on Binance, suggesting the transactions could have a significant effect on volatility. ETH pairs on Binance have relatively low activity, but there are plenty of tokens that could see pumps. The entire balance of the Binance_1 wallet has reached more than 299,894 ETH, which makes the 45,000-token transfer significant.

One theory is that this is an attempt to exchange the ETH for an anonymous coin. On Binance, one possible spot to allocate ETH would be the XEM/ETH pair. NEM (XEM) is revving up now, after Coincheck trading resumed, and the coin is pushing off from recent lows. XEM continued to pick up this Tuesday, as speculation has raised both volumes and upward bidding.

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About Ethereum (ETH): Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.The project was bootstrapped via an ether presale in August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss non-profit, with contributions from great minds across the globe.

 

Ethereum (ETH) is the 2nd largest cryptocurrency by market cap size. It is down 1.45% over the past 24 hours and is currently trading at $206.18.  It can be bought with fiat dollars, credit cards, or debit cards on cryptocurrency exchanges such as CoinbaseCEX.io, and Changelly

 

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