Whales — individuals or entities holding a large amount of a particular cryptocurrency — are taking advantage of a market upswing and unloading an enormous amount of Ethereum to unknown wallets, according to the report.
Ethereum, a blockchain platform with its own cryptocurrency, called Ether (ETH) or Ethereum, is the second-largest crypto after bitcoin.
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The biggest whale transfer of Ethereum was valued at roughly $91 million. Some 28,272 Ethereum was moved from one unidentified wallet to another, according to the crypto tracker Whale Alert.
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A new software update for Ethereum, the second-largest blockchain network, will likely stabilize transaction fees and cut down on the supply of the tokens,
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Just minutes later, another transfer by the same unknown sender moved another 28,272 Ethereum to a third unknown wallet, according to The Daily Hodl. The pattern repeated with 27,425 of Ethereum worth $88.1 million sent to another unknown wallet.
The cryptocurrency exchange Kraken on Wednesday made seven separate trades totaling 22,400 Ethereum and valued at $71 million. The transfers went to an unknown wallet and each move was the same — 3,200 Ethereum valued at more than $10.2 million each, per the report.
Gemini, another crypto exchange, moved 10,000 Ethereum valued at over $32 million to an unknown wallet on Binance and Bithumb. Each transaction was 12,000 Ethereum worth close to $38.6 million.
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Ethereum reached a high of $3,346.21 on Monday (Aug. 23) and was trading at $3,148.80 on Thursday (Aug. 26) morning, according to CoinGecko. The market cap for Ethereum is “up 3.6 percent on the week and 41.1 percent on the month,” according to the news outlet.
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