A massive rally pushed the second-largest cryptocurrency, Ethereum, to an all-time high of $1,470 today. However, at the same time, a large number of transactions are also being reported across different crypto exchanges.
5 transactions move 100,000 ETH
New data published by Whale Alert suggests that a total of 5 transactions moved over 100,000 ETH in the last 24 hours alone. This shows movement from Ethereum whales whose identities remain unknown. Two of these transactions moved 46,000 ETH coins from crypto exchange Binance into unknown wallets. Another 9,000 ETH was moved from Crypto.com to an unknown wallet.
Yet another transaction involving 25,450 ETH was also recorded when an unidentified user transferred nearly $35 million worth of cryptocurrency to an unknown wallet. 19,000 ETH were transferred to a different crypto wallet. The total value of these transactions is close to $140 million.
Ethereum price changes and whale movement
Since the beginning of 2021, the price of Bitcoin has jumped about 100%. This weekend, 57,625 ETH were transferred from crypto exchange Bitfinex into an unknown wallet. These transfers from major crypto exchanges suggest that ETH whales aim to accumulate more cryptocurrency and create a supply shortage of the coin. This may drive prices up further.
A huge amount of cryptocurrency has already left crypto exchanges. Analytics company Glassnode suggests that ETH accumulation has increased. Balances on prominent exchanges are down by 4.5% in the last week alone. However, this isn’t happening in ETH alone. Other assets like TRX and LINK are also experiencing similar accumulation.
The price of Bitcoin has risen significantly in the past three months and altcoins have followed a similar path. The price of Ethereum, Stellar, Litecoin, Bitcoin Cash, Cardano, Chainlink, and Polkadot have all increased in double digits. However, the price of Bitcoin dropped by 10% during the same period.
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