Two Ethereum whale and institutional-linked wallets have deposited giant sums of ETH into the Binance crypto exchange, raising speculations about a potential sell-off for the cryptocurrency. In total, the two wallets sent 41,000 ETH to the crypto trading platform.
ETH whales send 41,000 ETH to Binance
According to data from Arkham Intelligence, ETH wallets linked to corporate holder Metalpha sent close to 27,000 ETH to Binance on Thursday. The monetary value of this transaction was around $62.78 million at prevailing ETH market prices.
Another wallet, with the address starting with ‘0x8Ad4’ deposited 14,062 ETH to Binance, worth approximately $32.82 million. Cumulatively, more than $95 million worth of ETH was transferred to the exchange by the two wallets.
Unsurprisingly, the movement of such a large amounts of ETH onto Binance created a degree of panic in the market. However, some were optimistic about the potential dump, saying that whales tend to sell before a massive pump.
Nonetheless, Metalpha sending 27,000 ETH to Binance stands out, as it is one of the most influential firms in the institutional crypto market space.
Although the exact reason behind the transfer is not yet known, blockchain sleuths are likely to closely monitor the wallet address to identify any signs of a potential liquidation.
Not too long ago, a U.S. government-linked wallet moved a small amount of ETH – 3.23 ETH, to be exact – to Coinbase Prime.
While the tiny amount of ETH didn’t quite appear concerning at first, such seemingly benign transactions can sometimes be a test transaction before a major exchange deposit.
Troubling times ahead for ETH?
As ETH continues to seesaw in the mid-$2,000 range, on a year-to-date basis, the cryptocurrency is down by 22.5 percent. Some analysts believe that troubles may be far from over for the leading smart contract coin.
Seasoned crypto analyst Ali Martinez observed a change in ETH whales’ holding behavior. The amount of ETH held by whales with 1,000 to 10,000 ETH has been falling since at least October 2025.
To be precise, the quantity of ETH held by these whales has slipped from 15.95 million, to 12.52 million as of May 7, 2026. This is a major drawdown of 21.5 percent in their position, indicating fragile confidence in ETH’s price potential in the near term.