• Three crypto whales withdrew more than $150 million worth of Ethereum (ETH) from the crypto exchanges Binance and Kraken in the past week.
• The withdrawals could possibly be reflective of traders choosing to self-custody their crypto amid the recent regulatory crackdown on the digital asset sector in the US.
• One “smart whale” has netted more than $6 million trading Lido Staked Ether (stETH) in the past three months.
Whales Withdraw Over $150,000,000 in Ethereum (ETH)
The past week saw three crypto whales withdrawing more than $150 million worth of Ethereum (ETH) from two popular crypto exchanges, Binance and Kraken. According to blockchain tracker Lookonchain, all three addresses were newly created wallets.
Withdrawals from Binance
The first whale withdrew 35,860 ETH worth more than $64 million from Binance across a series of transactions. The second pulled out 27,000 Ethereum worth more than $48 million from Binance across four withdrawals.
Withdrawals From Kraken
The third wallet withdrew 23,660 ETH worth more than $42 million from Kraken across five transactions.
Regulatory Crackdown
The withdrawals could possibly be reflective of traders choosing to self-custody their crypto amid the recent regulatory crackdown on the digital asset sector in the US. Earlier this month, the U.S. Securities and Exchange Commission (SEC) sued Binance, the largest global crypto exchange by trading volume, and its CEO Changpeng Zhao for allegedly violating securities laws; a day later SEC also sued Coinbase for operating as an unregistered securities exchange and broker/clearing agency without registration or exemption with SEC regulations.
One “Smart Whale” Nets More Than $6 Million
Despite this uncertainty however some select traders continue to make money in digital assets marketplace; one such trader is Lookonchain’s “smart whale” who gained profits over $6million through trading Lido Staked Ether (stETH).