$102M Ethereum (ETH) Moved From Binance US To Unknown Wallet

An Ethereum (CRYPTO: ETH) wallet moved 64,000 ETH worth $102 million in a single transaction earlier this week.

What Happened: The high-value transaction was picked up by blockchain wallet tracker Whale Alert on Wednesday.

64,000 #ETH (102,134,766 USD) transferred from unknown wallet to unknown wallethttps://t.co/w3C58bfCsC

— Whale Alert (@whale_alert) August 31, 2022

Data from Etherscan shows that the transaction originated from a wallet belonging to Binance US, the U.S.-based subsidiary of the world’s largest cryptocurrency exchange. 

The transfer was likely made to an external wallet belonging to the exchange that is yet to be labeled by blockchain explorers. According to blockchain data, the transaction fees paid for the high-value transfer amounted to just $0.63 at the time. 

Routine Transfer? It is also unlikely that the transfer would be a cause for concern to market participants, seeing as it originated from an exchange’s internal wallet, suggesting it was a routine transfer. However, the recent weeks have seen most ETH traders bearing the brunt of crypto liquidations as the asset’s price faced high volatility. 

Anticipation around the upcoming Merge event has led to a sharp increase in open interest in ETH futures markets, suggesting more volatility may lie ahead for the second largest cryptocurrency by market cap.

See Also: HOW TO STAKE ETHEREUM

Price Action: At press time, ETH was trading at $1,578, up 2.47% over the last 24 hours, as per data from Benzinga Pro.