a16z-related address withdrew 25,560 ETH in 9 hours, Bitmine suspected new address hoarding 35,138 ETH
On-chain data shows that wallets associated with a16z accumulated withdrawals of 25,560 ETH (approximately $42.3 million) from Binance within 9 hours, and then transferred the funds to a new wallet. Meanwhile, two suspected new wallets belonging to Bitmine extracted 35,138 ETH (around $58.39 million) from BitGo and Kraken.
Additionally, a dormant whale address that had been inactive for a month withdrew 96,930 HYPE (about $601,000) from BitGo, and currently holds a total of 139,206 HYPE.
Why it matters: The simultaneous large withdrawals of ETH by top VC and mining firms may signal institutional-level ETH position adjustments or OTC trading demand; the movements of on-chain whales often serve as leading indicators of market trends.
#a16z #ETH #Bitmine #on-chain data
On-chain data shows that wallets associated with a16z accumulated withdrawals of 25,560 ETH (approximately $42.3 million) from Binance within 9 hours, and then transferred the funds to a new wallet. Meanwhile, two suspected new wallets belonging to Bitmine extracted 35,138 ETH (around $58.39 million) from BitGo and Kraken.
Additionally, a dormant whale address that had been inactive for a month withdrew 96,930 HYPE (about $601,000) from BitGo, and currently holds a total of 139,206 HYPE.
Why it matters: The simultaneous large withdrawals of ETH by top VC and mining firms may signal institutional-level ETH position adjustments or OTC trading demand; the movements of on-chain whales often serve as leading indicators of market trends.
#a16z #ETH #Bitmine #on-chain data