Two separate large-scale Ethereum (ETH) transfers, together worth over $137 million, have captured the attention of market participants. On-chain monitoring services flagged the movements, reigniting discussions about possible selling pressure from major holders.
Longling Capital deposits $15.7 million ETH to Binance
Chinese investment firm Longling Capital transferred 10,000 ETH, valued at approximately $15.68 million, to the cryptocurrency exchange Binance. The transaction was identified by on-chain monitoring service AmberCN and recorded roughly ten minutes before the report was published. Deposits to centralized exchanges are often seen as a precursor to selling, though they can also indicate portfolio rebalancing or operational needs.
Joseph Lubin-linked wallet moves $121.6 million after years of dormancy
In a separate event, a wallet associated with Ethereum co-founder Joseph Lubin transferred 80,001 ETH—worth around $121.6 million—after more than three years of inactivity. Blockchain tracking platform Lookonchain highlighted the transaction, noting that the wallet had previously held 243,300 ETH. The destination address has not been publicly identified, leaving it unclear whether the ETH is headed to an exchange, a new custody setup, or a staking arrangement.
Both transfers occurred while Ethereum’s price has faced selling pressure, amplifying market speculation. Analysts caution that without further on-chain data, the exact intent behind these moves remains unconfirmed. The events underscore the influence of whale activity on market sentiment and highlight the continued role of Binance as a major liquidity hub.
