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According to on-chain data analytics Spot On Chain, a group of Ethereum whales has collectively transferred a staggering 32,527 ETH to various exchanges.

Three long-term ETH traders (or maybe funds) have deposited 32,527 ETH worth $109 million to CEXes in the last 24 hours.

A trader named "0x213" deposited 12,500 ETH worth $41.7 million to Kraken at $3,339. The whale first received 120,900 ETH from white-hat hacker Baylina.eth in July 2017 and currently holds 12,200 ETH valued at nearly $40.9 million.

Another whale, "0x50b," deposited their last 11,600 ETH worth $39.1 million to Binance at nearly $3,374. The said whale first received ETH in December 2017 and deposited all 32,600 ETH to Binance at nearly $3,312 worth $108 million. So far, they have withdrawn 80 million USDT in the past three days.

The third whale, "Metalpha," deposited 8,427 ETH worth $28.2 million to Binance at $3,347. The whale first received ETH in Jul 2021 and currently holds 62,300 WSTETH worth $242 million.

The timing of this transfer is particularly intriguing, as it comes after Ethereum's price topped the $4,000 mark and then dipped remarkably. The recent action of the whales has spurred speculation: "Did the whales think that the recent correction was still not enough?"

Ethereum whale activity hits 2024 highs

The price of ETH has retraced about 18% since hitting highs of $4,093 on March 12.

According to Santiment, Ethereum whale activity has hit its highest level in 2024 as the $3,300 price levels dip into the midterm buy zone. A combined 59,137 separate ETH whale transactions exceeding $100,000 in value were recorded between March 19 and 21.

Santiment urges traders to keep an eye on the 30-day average returns of ETH wallets, which might indicate if a buy is justified. Average 30-day ETH traders are now down 7%, increasing the likelihood of a rebound. Also, its RSI has dropped to 28.5, the lowest seen for ETH since the price bottomed in late January.

According to IntoTheBlock, fees on Ethereum declined by 41% this week, with meme coin speculation slowing down significantly. The amount of ETH transferred on the mainnet has also reached its highest since May 2022 this week.

ETH also recorded its largest weekly net inflows into exchanges — $720 million since September 2022 — as regulatory FUD spread.