Home
News
- As the cryptocurrency markets get more volatile, whales are transferring enormous quantities of Ethereum (ETH)
- On Tuesday and Wednesday, large holders of the second-largest crypto-asset exchanged more than $500 million in ETH across 13 distinct transactions
- By market capitalization, the second-largest cryptocurrency is up 3.6 percent this week and 41.1 percent this month
The crypto market’s roller-coaster ride drove whales to transfer over $500 million in Ethereum in 13 unrelated trades on Tuesday and Wednesday this week, according to The Daily Hodl (Aug. 26). According to the research, whales — persons or organizations with a huge amount of a particular cryptocurrency — are taking advantage of a market upswing by unloading a massive amount of Ethereum to unknown wallets. Ethereum is the second-largest cryptocurrency after bitcoin. It is a blockchain platform with its own money, Ether (ETH) or Ethereum.
Transfer of the largest Ethereum
The largest Ethereum whale transfer was worth around $91 million. According to the cryptocurrency watchdog Whale Alert, 28,272 Ethereum were transferred from one unidentified wallet to another. A new software upgrade for Ethereum, the second-largest blockchain network, is expected to reduce the number of tokens while stabilizing transaction fees.
According to the reports, the same unknown sender moved another 28,272 Ethereum to a third unknown wallet just minutes later. The scenario was repeated with another unknown wallet receiving 27,425 Ethereum valued at $88.1 million. Kraken, a cryptocurrency exchange, executed seven different trades worth $71 million on Wednesday, totaling 22,400 Ethereum. According to the study, the transactions went to an unnamed wallet and each move was the same – 3,200 Ethereum worth more than $10.2 million each.
Large Ethereum transactions from Gemini
Another cryptocurrency exchange, Gemini, sent 10,000 Ethereum worth more than $32 million to an unidentified wallet on Binance and Bithumb. Each transaction was worth approximately $38.6 million and involved 12,000 Ethereum. According to CoinGecko, Ethereum hit a high of $3,346.21 on Monday (Aug. 23) and was trading at $3,148.80 on Thursday morning (Aug. 26). According to the news agency, Ethereum’s market worth is up 3.6 percent this week and 41.1 percent this month.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
