This past week, six primary Ethereum ecosystem tokens have been the subject of a remarkable $76.95 million worth of withdrawals from centralised exchanges (CEX), with new wallets and first-time accumulators driving much of this activity.
1/6. $ENA: +31.05% (7D)
Three fresh multisigns withdrew 54.31M $ENA ($45.61M) from CEX in the past 7 days, including:
1.1. “0xe68” withdrew 34.65M $ENA, now making 3.2M in just 7 days.
1.2. “0xc7e” and “0x8be” withdrew 19.66M $ENA, now making $657K in the past 19 hours. pic.twitter.com/NVOj888h1g
— Spot On Chain (@spotonchain) May 24, 2024
Details of the Token Movements
The ENA token experienced a substantial surge of 31.05% over the past week. A new multi-signature wallet, identified as “0xe68,” withdrew 34.65 million ENA, which equated to $45.61 million. This wallet saw a significant return, gaining $3.2 million in just seven days. Additionally, two other multisign wallets, “0xc7e” and “0x8be,” collectively withdrew 19.66 million ENA, netting a profit of $657,000 in just 19 hours.
The PEPE token showed a dramatic increase of 45.5%. A significant contributor to this rise was a whale, “0x837,” who withdrew 982.6 billion PEPE valued at $13.55 million from Binance, yielding a profit of $594,000 over two days. The LDO token rose by 37.6%, with six new wallet holders withdrawing 4.3 million LDO valued at $9.59 million from Binance in the last 16 hours.
AAVE gained 16.5% over the week as two whales removed 39,762 AAVE valued at $4.06 million from Binance, priced around $102 each about three hours ago. Similarly, UNI was up 28.5%, with whale “0xbbd” withdrawing 214,465 UNI valued at $2.08 million from Binance for $9.69 around two hours ago.
ENS surged by 72.3%. Whale “0x43c” managed to withdraw 82,041 ENS valued at $2.06 million from Binance, priced at $25.13 each, about three hours ago. The substantial withdrawals and the significant gains following them suggest a growing trend of investors moving assets off exchanges, possibly as a strategy to manage risks or speculate on further price increases. This activity underscores a robust week for the Ethereum ecosystem, with substantial capital flows and price dynamics likely influencing future market behaviour.
