Metalpha Invests $77.55 Million in Ethereum to Binance

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Hong Kong-based crypto asset management company Metalpha recently invested $77.55 million worth of Ethereum (ETH) into Binance. According to digital asset tracker Lookonchain, the company sent a total of 33,589 ETH.

Metalpha’s Investments

Metalpha transferred a total of 33,589 ETH to Binance through several transactions, including 10,000 ETH (worth $23.45 million) on Monday. Lookonchain notes that the company still holds 51,300 ETH, valued at $120 million.

Other Ethereum Investments

Lookonchain also indicates that other major Ethereum investors are accumulating assets. For instance, one large investor purchased 5,000 ETH (worth $11.46 million) over the past two days. This investor previously bought 5,200 ETH at an average price of $1,322 in November 2022 and sold it at an average price of $2,093 in January 2024, earning over $4 million.

Ethereum and Solana Price Trends

At the time of writing, Ethereum is trading at $2,378, showing a 1.5% increase in the last 24 hours. Additionally, Lookonchain reported that a Solana investor sold 20,000 SOL (worth $2.66 million) on Monday. This address has sold a total of 715,000 SOL (worth $102 million) since the beginning of the year and still has 1.84 million SOL (worth $246 million) staked. Solana is trading at $135.57 with a gain of over 0.5% in the last 24 hours.

Metalpha’s significant transfer of Ethereum to Binance is seen as a noteworthy move in the crypto market. Additionally, other major investors actively trading in cryptocurrencies like Ethereum and Solana are contributing to the market’s volatility. Such transactions demonstrate how quickly the dynamics in the crypto market can change. The recent price increases in Ethereum and Solana may be influenced by strategic moves from large investors. Monitoring these types of transactions in crypto assets is crucial for understanding market trends.

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