Hong Kong-based crypto asset management firm Metalpha recently added $77.55 million worth of Ethereum (ETH) to Binance $2,324.80 According to digital asset tracker Lookonchain, the company sent out a total of 33,589 ETH.
Metalpha sent a total of 33,589 ETH to Binance in multiple transactions, including 10,000 ETH (worth $23.45 million) on Monday. Lookonchain notes that the company still has 51,300 ETH (worth $120 million).
Other Ethereum Investments
Crypto tracker Lookonchain notes that other major Ethereum investors are also accumulating. For example, one major investor bought 5,000 ETH (worth $11.46 million) in the last two days. He bought 5,200 ETH in November 2022 for an average of $1,322 and sold it in January 2024 for an average of $2,093, making more than $4 million.
Ethereum and Solana Price Situation
Ethereum is trading at $2,378 at press time and is up 1.5% in the past 24 hours. Lookonchain also noted that a Solana investor sold 20,000 SOL (worth $2.66 million) on Monday. That address has sold a total of 715,000 SOL (worth $102 million) since the beginning of the year, and still has 1.84 million SOL (worth $246 million) staked. Solana is trading at $135.57 at press time and is up more than 0.5% in the past 24 hours.
Metalpha’s transfer of large amounts of Ethereum to Binance is considered a remarkable move in the crypto market. At the same time, other large investors are actively trading crypto assets such as Ethereum and Solana, increasing the market’s activity. Such transactions show how quickly the dynamics in the crypto market can change. The current price increases of Ethereum and Solana may have been influenced by the strategic moves of large investors. Such transactions by investors on crypto assets require close monitoring of market trends.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
