A remarkable 50,600 ETH, approximated at $181 million, has moved from HTX, where Justin Sun serves as an advisor, to Binance.
According to blockchain analyst EmberCN, this movement is part of a pattern where ETH is reclaimed from Aave by the HTX Recovery wallet, shifted to the HTX hot wallet, and subsequently transferred to Binance.
This latest transfer contributes to a larger trend, with a cumulative total of 160,600 ETH, equating to $518 million, flowing from HTX to Binance in the past week via the same pathway.
The considerable outflows have raised concerns about potential selling pressure on the Ethereum market.
Whale accumulation counters exchange outflows
Despite the outflows from HTX, significant investors are actively accumulating Ethereum.
As reported by Lookonchain, SharpLink secured an extra 4,904 ETH valued at $17.45 million just hours ago, bringing their total acquisition to 157,140 ETH, worth $493 million since July 1, at an average price of $3,136.
Another prominent whale, known as 0x9684, withdrew 19,550 ETH valued at $70.7 million from FalconX, completing a total withdrawal of 122,691 ETH amounting to $443.68 million over the past week.
BlackRock has ramped up its Ethereum purchases, acquiring 158,875 ETH worth $574 million just yesterday.
Overall, the asset manager has purchased 307,461 ETH valued at $1.11 billion in just two days, elevating its total holdings to 2.46 million ETH, worth $8.9 billion.
Market timing amid a 20% weekly surge
This transfer activity aligns with a 20% increase in Ethereum’s price over the past week, possibly providing profit-taking opportunities for major holders.
HTX’s systematic fund movements through Aave redemptions and subsequent transfers to Binance may suggest preparations for sales in the market.
The timing of these outflows during a period of price strength implies strategic positioning rather than forced selling, as large transfers to major exchanges like Binance frequently signal impending selling activities or trading maneuvers requiring heightened liquidity.
Nonetheless, the simultaneous accumulation by whales and institutional purchases through BlackRock’s ETF fosters a competitive market landscape.
At present, Ethereum is trading at $3,566, holding its strength despite the substantial exchange transfers.
