102,400 Ethereum Stanbinance Beacon Chain, what for?

Large investors are betting on the coin amidst the ongoing bearish outlook for Ethereum (ETH), the second-largest digital asset by market capitalization. In the last 24 hours, whale alerts have discovered that over 102,000 ETH have been moved to Binance Exchange.

Whale deposits indicate staking beacon chains

In the update, the whale alert pointed out that the relocation was a two-tranched as large holders moved 102,400 ETH from Binance to the Binance beacon deposit.

One of the deals involved a movement of 48,000 ETH worth around $75.91 million to vinify the beacon deposit. A similar transaction followed, featuring 54,400 ETH, and it became the same location worth $86.03 million.

This development demonstrates possible strategic wallet management or staking of over 102,000 ETH. Deposits may be sent to the Binance Staking Pool in the Beacon Chain.

In particular, the Ethereum beacon chain is part of the stake system of Ethereum’s certification. Therefore, it means that the whale who deposits is preparing to wager ETH for the reward.

Despite current performance, massive sediments offer bullish prospects for the coin. The whales show confidence in Ethereum’s ability to rebound over the long term.

Ethereum prices are seeing a mild decline amid the surge in volume

Interestingly, Ethereum traded previously at $1,542.00 and rose to a high of $1,653.49 before making the correction.

At the time of reporting, Ethereum was worth $1,623.90, representing a 1.34% decline over the past 24 hours.

However, investors’ profits remain bullish as trading volumes rose 43.79% to $157.9 billion within the same time frame. This is despite bearish predictions by legendary trader Peter Brandt.

This means investors will use the low prices to accumulate ahead of the meeting.

Bitcoin has regained momentum in the broader crypto market and is reaching new heights. Current forecasts suggest that Ethereum is likely to follow the same path.