An unknown whale address moves 200,000 Ethereum (ETH) worth around $469 million from the Arbitrum network to crypto exchange Binance.

Blockchain tracker Whale Alert identified the movements, which occurred across six transactions over the past 24 hours. The transactions involved transferring the assets from Arbitrum through the Arbitrum Bridge to the Ethereum network, and then moving them to exchanges.

Details of the Ethereum Transactions

In the first documented transaction, the whale wallet in question, 0xe…abb, withdrew exactly 80,000 ETH tokens ($188.5 million) from the Arbitrum network to Ethereum, transferring them through the Arbitrum Bridge yesterday at 13:38 UTC.

Whale Alert on X

Notably, with this transaction, the 80,000 ETH tokens moved within the same whale address across the two chains. Shortly after this movement, the 0xe…abb then transferred 79,999 ETH from the recent batch to a Binance wallet at 13:42 UTC yesterday.

Following the second transaction, the address 0xe…abb went quiet for a few hours. However, it repeated the earlier transactions after a reawakening. Again, the whale withdrew 80,000 ETH from Arbitrum to Ethereum, this time at 17:08 UTC.

It then followed up this movement with a transfer of 79,999 ETH to the same Binance wallet four minutes later. After this, the whale address went quiet again, showing no activity for hours.

Interestingly, after the second 80,000 transaction, 0xe…abb reawakened again to move 40,000 ETH valued at $93.98 million from Arbitrum to Ethereum at 12:08 UTC today, essentially three hours ago. Continuing its pattern, the address then transferred 39,999 ETH to Binance four hours later.

Investigating the Movements

The latest movement brought the total assets moved by the whale address to 200,000 ETH worth $496 million since yesterday. Due to limited information, the source of the funds and reason for the transactions remain unclear.

However, it bears mentioning that data from Arbiscan, the Arbitrum block explorer, confirms that the whale address has been carrying out similar movements since Aug. 6. Interestingly, the address’s only transactions involve bridging assets to Ethereum and moving them to Binance.

Further data indicates that the whale address was created and funded by a Binance wallet. These pointers suggest that whale address 0xe…abb might actually be a Binance address. This would mean that the recent movements involved a Binance in-house fund shuffling and not exchange deposits for selloffs.