Ethereum Whales Moved $500 Million worth of ETH As Market Pulls Back

Ethereum whales are moving massive amounts of ETH as bears take over the market trend, according to Whale Alert, the tracker of large transactions of cryptocurrencies from wallets to exchanges and vice versa.

As reported by Whale Alert and first published by Daily Hodl, bag holders of Ethereum (ETH), the second-largest cryptocurrency by market capitalization, moved over $500 million across 13 separate transactions on Tuesday and Wednesday.

Based on the report, among the largest transactions of Ethereum whales was the movement of 28,272 ETH worth relatively $90.8 million from an unknown wallet to another. About 2 minutes later, the same sending wallet initiated another 28,272 ETH to a third unknown wallet.

In a similar manner, a wallet of unknown origin transferred 27,425 ETH worth more than $88 million to another wallet of unknown origin. The same sending address once again moved 27,425 ETH to another unknown wallet.

Crypto exchanges were also part of the huge movement of Ethereum (ETH) over the last two days. According to a report, Kraken exchange initiated seven separate ETH transactions to one unknown wallet within 2 minutes on Wednesday.

Kraken transferred exactly 3,200 ETH worth more than $10.2 million each time, for a total of 22,400 ETH worth more than $71 million.

Significant transactions were also initiated on the Gemini exchange. According to Whale Alert, 10,000 ETH worth more than $32 million was sent from Gemini to Binance exchange. Additionally, 12,000 ETH worth around $38.6 million was sent from Bithumb to a wallet of an unknown origin.

Ethereum (ETH) Situation in the Market

Ethereum (ETH) has since retraced to around the $3,100 price region after reaching a monthly high of $3,346 a few days ago, according to CoinMarketCap.

At the time of press, ETH is trading at $3,110.68, with a 0.36% price downtrend in the last 24 hours. However, the digital currency is still up 4.02% on the week.

Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.