Mysterious Whale Buys Ethereum: 32,007 ETH Leaves Binance

A large whale (address 0xeCE7) accumulated 32,007 ETH—withdrawn from Binance—after depositing roughly $225 million in USDC to Binance, Bybit and Deribit, a move valued at about $77.52 million. The buy coincides with Ethereum’s recovery from the March 29 low: ETH is up ~17% since then, +5.30% on the week, and trading around $2,359 at the time of writing. Santiment data show smaller retail wallets are reducing holdings while the number of wallets with ≥100,000 ETH rose from 54 to 57 and exchange-held supply hit multi‑year lows, tightening liquidity. Market impact: the whale flow and falling exchange balances are bullish signals that may support further upside, though some warn of a potential bull trap amid retail selling and recent sharp moves. The article also notes related market dynamics (short pain, Charles Schwab planning spot BTC/ETH trading) that could influence flows.