A deep-pocketed Ethereum (ETH) whale is suddenly moving hundreds of millions of dollars worth of the top altcoin to an unknown wallet.
According to whale-surveying platform Whale Alert, the high-net-worth trader moved 247,979 ETH worth about $280,000,000 at time of writing from one unknown wallet to another.
Recently, whale and shark activity centered around the leading smart contract platform has risen, a pattern that’s been noticed by prominent market intelligence firm Santiment.
According to the crypto analytics platform, ETH whales and sharks are on an accumulation spree as Ethereum’s price dips to less than 25% of what it was over a year ago.
Santiment says that the last time an event like this happened, ETH whales and sharks pushed up Ethereum’s price by 50%.
“Ethereum’s active shark & whale addresses continue accumulating with prices less than a quarter of their all-time high levels a year ago. In Oct/Nov 2020, these 100 to 100,000 ETH addresses assisted in pushing ETH to a +50% price rise over 5 weeks.”
Other notable ETH transfers on Whale Alert’s radar include a transfer that moved 83,131 ETH worth about $102,000,000 from liquid staking protocol Lido to an unknown wallet and another that shifted 40,000 ETH worth nearly $48,000,000 from ETH co-creator Vitalik Buterin to an unknown wallet.
Whale Alert also brings attention to a dormant pre-mining ETH wallet that recently awoke from a seven-year slumber.
“A dormant pre-mine address containing 2,075 ETH ($2,408,686 USD) has just been activated after 7.3 years!”
The second-largest crypto asset by market cap is changing hands for $1,201 at time of writing, a 3.4% increase during the last 24 hours.
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This article has been originally published at: https://dailyhodl.com/2022/11/24/ethereum-whale-abruptly-moves-over-280000000-in-eth-heres-where-the-crypto-is-going/