New Wallet Withdraws $28.5M in Ethereum From Binance Amid Market Weakness

A newly created wallet (0xA708) has withdrawn 17,675 ETH, valued at about $28.58 million, from Binance just hours ago.

This move comes as Ethereum continues to face downside pressure, with its price declining 4.6% over the past week and holding near $1,654.

Taken together, the timing of the move has drawn market attention. Large withdrawals from exchanges are often seen as funds being shifted into private custody rather than being kept available for immediate trading, which can sometimes indicate a longer-term holding approach and reduced near-term selling activity.

Source: Lookonchain