In a significant series of transactions, a wallet potentially linked to cryptocurrency lender Nexo has deposited a total of 101,756 ETH (approximately $380 million) on Binance since December 2. The average transaction price of these Ethereum deposits has been around $3,737, according to blockchain data. .
Since December 2, #Nexo has deposited a total of 101,756 $ETH ($380 million) on #Binance at an average price of $3,737.
Just an hour ago, #Nexo made another deposit of 7,495 $ETH ($25 million) on #Binance.https://t.co/94mlJVK5xW pic.twitter.com/7zX6TWL2nR
– Lookonchain (@lookonchain) December 23, 2024
The deposits include a recent transaction of 18,000 ETH ($70.8 million), which was canceled just an hour before being sent to Binance. This is part of a larger series of deposits, with a total of 72,419 ETH ($270.6 million) transferred by the same wallet since the beginning of December. The activity of this whale wallet, which is believed to be associated with Nexo, has attracted a lot of attention within the cryptocurrency community. In addition to the 72,419 ETH already sent to Binance, the wallet still has a substantial reserve of 42,108 ETH (valued at $165 million).
Another wallet, possibly linked to Nexo, has also been active, depositing 15,650 ETH ($57.3 million) on Binance in the last hour. This wallet’s total deposits on Binance since December 2 amount to 47,954 ETH ($175.6 million). Adding to the avalanche of transactions, a separate deposit of 7,495 ETH ($25 million) was made just an hour ago, further solidifying the impression that Nexo-linked wallets are making major strategic moves.
Ethereum transfers: market impact and future prospects
The significant Ethereum deposits have sparked speculation about Nexo’s intentions. Large transfers to exchanges like Binance often precede selling activity, raising concerns about potential downward pressure on the price of Ethereum. This is particularly relevant given the large volume of ETH involved, which exceeds $380 million in total value. These moves come at a time when Ethereum price has been struggling to regain bullish momentum. Currently priced at $3,335, Ethereum has seen a 1.5% drop in the last 24 hours. Market watchers are closely monitoring the situation as further selling pressure could exacerbate Ethereum’s recent difficulties.
The blockchain community has been full of theories about the motivations behind these transactions. Some speculate that Nexo could be reallocating funds or preparing for large-scale liquidity needs. Others believe the moves could indicate possible hedging strategies or upcoming announcements from the crypto lender. Given the transparency of blockchain transactions, the timing and scale of these deposits have led analysts to delve deeper into Nexo’s on-chain activity. The recurring deposits suggest a deliberate strategy, although the precise intentions remain unclear.
With over 101,756 ETH transferred to Binance in less than a month, the market must anticipate the potential impact on the price of Ethereum. While deposits themselves are neutral stocks, their implications for market liquidity and possible sell-offs could influence near-term price movements. For now, traders and investors are closely monitoring both Nexo-linked wallets and Ethereum price action. As more data becomes available, the market will better understand the broader strategy behind these massive transfers.
