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HomeCrypto NewsMarketUnknown Wallet Deposits 260,000 Ethereum (ETH) Worth $434 Million on Binance Ahead of Merge

Unknown Wallet Deposits 260,000 Ethereum (ETH) Worth $434 Million on Binance Ahead of Merge

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An unknown investor has made a huge transfer of Ethereum to Binance. 


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Cryptocurrency whale tracking platform, Whale Alert, has observed the movement of a massive amount of Ethereum (ETH) to Binance, the world’s largest crypto exchange. 

According to blockchain data shared by Whale Alert, a total of 260,000 Ethereum were deposited on Binance in the hours leading up to press time. 

When the transaction was made, the 260,000 ETH were worth approximately $434.18 million. 

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Not Surprising

It is not surprising to see a whopping amount of ETH deposited to Binance. Ethereum is expected to undergo a significant upgrade, ultimately leading to the network’s transition from a Proof-of-Work algorithm to a Proof-of-Stake. 

The Ethereum team has speculated that the Merge will occur around September 13 – 15, 2022. With the upgrade happening soon, the price of Ethereum is expected to fluctuate heavily in the hours leading up to the upgrade as investors may favor the “sell the news” trading strategy.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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