Smart Money Wallet Sells ETH Stake to Binance Amid Price Volatility

A well-known 'smart money' wallet has made a significant move in the Ethereum market. The wallet, identified as 0x69b590d9d761b396Db4465F3Dee34d43Afa0e378, acquired 4088.5 ETH between September 21-23 at an average price of $2727.26.

This purchase was followed by the wallet sending its entire stack to Binance, a move that translates into a paper loss of $342k at current prices.

However, this latest development should not come as a surprise given the wallet's past performance. In two months, it booked a profit of $5.05 million and in one month alone, it earned $1.515 million from earlier Ethereum price swings.

This recent move can be seen as a simple giveback of profits rather than fresh capital destruction.