102,400 Ethereum Stun Binance Beacon Chain, What For?

A large investor is betting on the coin amid an ongoing bearish price outlook for Ethereum (ETH), the second-largest digital asset by market capitalization. In the last 24 hours, Whale Alert has spotted over 102,000 ETH transferred to the Binance exchange.

Whale deposit points to staking on Beacon Chain

In an update, Whale Alert noted the transfer was in two tranches as the large holders moved 102,400 ETH from Binance to Binance Beacon Deposit.

One of the transactions involved the movement of 48,000 ETH, valued at about $75.91 million, to Binance Beacon Deposit. A similar transaction followed, featuring 54,400 ETH, worth $86.03 million, to the same location.

This development signals possible strategic wallet management or the staking of over 102,000 ETH. The deposit will likely go to the Binance staking pool on the Beacon Chain.

Notably, Ethereum Beacon Chain is part of Ethereum’s proof-of-stake system. Hence, it could mean that the whale who made the deposit is preparing to stake ETH for rewards.

Despite its current performance, the massive deposit marks a bullish outlook for the coin. It signals that the whale has confidence in Ethereum’s ability to rebound in the long term.

Ethereum price sees mild decline amid surge in volume

Interestingly, Ethereum was trading at $1,542.00 earlier and climbed to a high of $1,653.49 before experiencing a correction.

As of press time, Ethereum is worth $1,623.90, representing a 1.34% decline in the last 24 hours.

However, investors’ interest remains bullish as trading volume has surged by 43.79% to $15.79 billion within the same time frame. This is despite a bearish prediction by legendary trader Peter Brandt.

This could mean investors leverage the low price to accumulate ahead of a rally.

Bitcoin has picked up momentum on the broader crypto market and is reaching new heights. Current projection hints that Ethereum is likely to follow the same path.