There has been significant activity in the Ethereum (ETH) market, which suggests that large investors, otherwise known as whales, are buying huge amounts of this cryptocurrency. On-chain data shows massive ETH withdrawals (valued at about $50.24 million) from top crypto exchanges over three hours.

The on-chain data revealed that a wallet associated with Cumberland, a popular crypto trading firm with institutional investors, withdrew ETH from three popular crypto exchanges: Copper, Coinbase, and Binance.

During these three hours, the trading firm withdrew a total of 27,632 ETH.

A Breakdown of the Whale’s Activity

Blockchain explorer data shows multiple instances of the cryptocurrency being transferred from the three crypto exchanges mentioned above to a specific ETH address tagged Cumberland DRW.

The continuous withdrawals within a short timeframe and the huge amounts of ETH withdrawn indicate a deliberate accumulation strategy, not isolated transactions.

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Meanwhile, the Ethereum

Keep reading this article on E-cryptonews.com.

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