Week After Eric Trump Said 'Great Time To Add ETH,' Whales Stock Up Over $300 Million In Ethereum — What's Cooking
Whales collected hundreds of millions of dollars in Ethereum ETH/USD, capitalizing on the world’s second-largest cryptocurrency’s subdued rates. What Happened: Two substantial Ethereum withdrawals from cryptocurrency exchanges were reported by on-chain tracking platform Lookonchain in a Monday X post. The first withdrawal involved 56,909 ETH, worth 151.6 million, from Binance, while the second whale accumulated a combined 64,603 ETH, valued at $171.8 million, from Binance and Bitfinex. Both transactions occurred within a 48-hour window. These withdrawals were part of a market-wide phenomenon, as Ethereum recorded net exchange outflows of over $51 million in the last 24 hours, according to data from IntoTheBlock. Typically, when more funds exit exchanges than they enter, it suggests a bullish outlook. Additionally, a 16% jump in transactions valued over $100,000 indicated a renewed interest among whale investors in accumulating ETH. See Also: Man Whose $775 Million Bitcoin Fortune Lies Buried In A Landfill Now Wants To Buy The Trash Heap Why It Matters: The accumulation by large investors comes at a time when Wall Street hedge funds have been increasingly betting against ETH. A report suggested that the short positioning has surged by 40% in a week’s time and 500% since November. ETH was also the least popular of the three largest cryptocurrencies, according to Google Trends data, with Bitcoin BTC/USD and XRP XRP/USD generating much higher search interest. Interestingly, Eric Trump, President Donald Trump’s son, suggested last week on X that "it's a great time to add ETH," potentially influencing decisions of certain players. Price Action: At the time of writing, Ethereum was exchanging hands at $2,716.83, up 3.25% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin has endured losses of over 18%. Image via Shutterstock Read Next: Analyst Who Nailed 2021 Crypto Collapse Now Says Worst Of Bitcoin Could Come In Next Few Weeks Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.