According to the latest report from on-chain analytics firm Lookonchain, a whale of attention has emerged in the crypto world. This altcoin whale is making a significant impact on the market by investing heavily in the Binance exchange with its transactions on the Aave platform.
Huge altcoin whale draws attention with Aave and Binance transactions
A whale that has attracted attention recently has been making large investments in the Binance stock market with its transactions on the Aave platform. Whale deposited 6,000 stETH primarily in Aave. In return, it borrowed 6 million USDT.
After these transactions, he transferred 6 million USDT to his Binance account. However, this was not the only major operation the whale made. In the next two hours, the whale pulled 3,622 ETH from its Binance account. Meanwhile, ETH price was trading at $1,657.
A whale is long $ETH on #Aave.
Deposited 6,000 $stETH, borrowed 6M $USDT, and deposited to #Binance on June 12.
Withdrew 3,622 $ETH from #Binance 2 hrs ago, the buying price is $1,657.
Deposited 8,000 $stETH, borrowed 7M $USDT, and deposited to #Binance again 2 hrs ago. pic.twitter.com/Uf0TQscdiV
— Lookonchain (@lookonchain) June 16, 2023
Not satisfied with this, the whale carried out a second operation in the following hours. 8,000 stETH as collateral invested in Aave and borrowed another 7 million USDT. He then transferred this amount to his Binance account. As a result, the whale is expanding its Ethereum position with loans from Aave against stETH.
How much did the whale earn from these transactions?
Data from Lookonchain shows that the average purchase price of the whale was $1,657. ETH price climbed as high as $1,750 today after the whale took a position. Technically speaking, it remains bearish on the daily time frame. The recent low of this downtrend was $1778 on an aggressive reading of the market or $1898 on a more conservative view. As such, these will be the levels that ETH bulls must break through to show that the bulls have some control over the market.
Also, the 90-day average age of the coin was trending upwards from late April to early June. It reached a 3-month high on June 4, but then started to decline. The past ten days have shown heavy selling pressure in the market, but the metric has rebounded in the past 12 hours.
Meanwhile, MVRV shows owners are at a loss and the weighted sentiment is definitely in negative territory. Investors continue to think that ETH is currently undervalued. However, buyers should be cautious because the trend is against them and they can expect more favorable headwinds.
Ethscriptions introduced
One of the hot developments surrounding Ethereum is Ethscriptions, an Ethereum-based inscription system introduced by Capsule 21 co-founder Middlemarch on June 16. According to Crypto Fees, on this date, Ethereum recorded the highest fees compared to other platforms, with fees exceeding 4.6 million per day. Average wages over the last seven days were also significant, exceeding 4.3 million.
Additionally, despite the launch of Ethscriptions, there was no significant impact on the number of active addresses in the last 24 hours. At the time of this writing, there were approximately 465,000 active addresses in that time frame. As Kriptokoin.com, we mentioned that Ethereum started the weekend with a green note.
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