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- The whale transferred 145,000 ETH which raised the price of ETH to its three-month high.
- Bitfinex’s team of research and analysis said the upcoming ETH merger will become a validator of the POS community.
Bitfinex’s ETH Whale Analysis and Commentary
The researcher and market analyst of well-known crypto exchange firm, Bitfinex, explains about Ethereum ICO-era wallet transactions. As per their analysis, they said, “An Ethereum whale wallet that’s been dormant since the Genesis Initial Coin Offering (ICO) was activated after three years of dormancy. The whale transferred 145,000 ETH to multiple wallets in batches of 5,000 ETH per transaction as well as some 10,000 ETH transactions after ETH prices surged to a new three-month high of over $2000.”
ETH transactions increased the curiosity among the community. The Bitfinex ’s market analyst further added that, “The movement attracted widespread community reactions. However, with the vital Merge from POW to POS edging closer we believe that this was a move that could enable the whale to stake the ETH in order to grow and become a validator on the POS community and generate passive revenue.”
The cause of this ETH transaction reflects a positive sign of the upcoming ETH merger. Hence, the analyst also said, “Additionally, we also believe that the move signals support for the Merge. We look forward to seeing what continues to happen in the technological revolution that’s unfolding before our eyes.”
It must be noted that the merge of ETH from POW to POS will be on September 15. It followed the recent success of merger of Goerli testnet to Beacon chain, which was the final rehearsal before the ETH transition. On the other hand the belief of some whales suggests ETH as a validator while the other finds it for generating passive income. At present, ETH is performing up 0.13% at a price of $1,899.12 USD.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
