$11.8 Million Worth of Ethereum Was Just Moved Off Binance

What happened: $11.8 million worth of Ethereum (CRYPTO: ETH) was just moved from Binance exchange.

Why it matters: Whales typically pull cryptocurrency off exchanges when planning to hold their investments for an extended period of time. Storing large amounts of money on an exchange presents an additional risk of theft, as exchange wallets are large targets for hackers. 

Ethereum whales that run their own validator nodes (costing 32 ETH each) must send their Ether to the Ethereum 2.0 beacon chain, which is then locked up until the launch of Ethereum 2.0 in 2022.

The removal of Ethereum from an exchange reduces potential sell-side pressure, allowing the price of ETH to increase more easily. 

See Also: How To Buy Ethereum

Price Action: Ethereum is up 6% in the past 24 hours.

See Also: Best Crypto Apps 2021 and Best Crypto Portfolio Trackers