- A new Ethereum whale withdrew $59.64M from Binance, signaling strong long-term conviction and potential supply squeeze ahead.
- Ethereum’s onchain engagement nears 13.23M users as Layer 2 and multi-chain adoption accelerates despite short-term pullback.
- Bullish sentiment grows amid whale activity and rising ecosystem utility, even as MACD stays negative and trading remains volatile.
A newly created wallet has withdrawn 26,256 ETH worth $59.64 million from Binance, according to Lookonchain. The massive outflow occurred within just three hours, stirring speculation of accumulation by a major player. Such a swift and sizable withdrawal typically signals a shift toward long-term holding, staking, or DeFi strategies. This action slashes short-term sell pressure and often precedes bullish moves in Ethereum’s price. Still, technical indicators remain mixed, as the MACD stays negative and trading volume spikes post-selloff.
Market Signals Point to Accumulation Phase
Alva, a prominent crypto analyst, emphasized that big outflows like this scream accumulation. Given the recent flash crash, the investor probably believes Ethereum will have long-term value. This action also shows optimism for Ethereum’s future despite the short-term volatility. Additionally, removing money from centralized exchanges decreases liquidity, which could intensify price movements if demand improves.
However, Ethereum’s price action is choppy in the near term. Indicators suggest range-bound trading as the market seeks direction. Moreover, sentiment is bullish, with social chatter leaning optimistic. The market monitors exchange outflows and whale behavior closely. These elements often serve as early signals of trend reversals or supply squeezes.
Onchain Engagement Explodes Across Ethereum Ecosystem
Meanwhile, Ethereum’s network activity is booming. According to Growthepie.com, the number of weekly active addresses has climbed dramatically since 2022. Back then, activity ranged between 1 to 3 million users. By mid-2023, this figure had reached 5 million. However, in 2024, engagement peaked at over 10 million weekly active users.
Source: Sensei
Consequently, the Ethereum ecosystem has evolved into a complex, multi-chain environment. Users are now engaging across various Layer 2 networks and Ethereum-compatible chains. This trend shows no signs of slowing. The latest data shows 13.23 million active addresses, despite a recent 19.34% weekly decline.
Moreover, multi-chain participation continues growing. Current figures show 736,453 users engaging across multiple chains, up 0.29% from last week. The Layer 2 multiplier sits at 5.04x, reflecting deeper ecosystem involvement. However, it dropped 24.83% this week, hinting at short-term slowdowns.
