A group of 15 whales — a term that refers to a person or company that holds large amounts of cryptoactives — moved nearly US$ 1 billion in Ethereum (ETH) between Tuesday (17) and Wednesday (18) .
The activity of the giants was tracked by the Whale Alert transaction monitor and shared on the Daily Hold this Thursday (19). In cryptocurrencies, the total transferred was 308,219 ETH.
According to the blockchain data, the movement happened on both sides — withdrawals and sending assets to brokers.
When crypto moves from an unknown wallet to an exchange, it usually means that it will be liquidated in the market. When the opposite happens — the currency moves from one exchange or an unknown wallet to another — it is probably being reallocated for security reasons.
The biggest move identified by Whale Alert came on Tuesday night, when a whale transferred 50,000 ETH (about US$160 million) from the Gemini exchange to an unknown wallet. User paid only $4 fee.
Exactly an hour later, another whale sent 43,997 ETH, about $138 million, from one unknown wallet to another.
Of the 15 whale movements in the period, 12 were destined for an unknown address. Of this total, five came from popular exchanges in the market, such as Gemini, Binance and Houbi, which indicates that these cryptocurrencies were recently purchased.
Only three transactions out of the total were destined for an exchange — Binance. The three operations sent an accumulated value of US$80.8 million to the broker, suggesting a possible sale of assets.
The fluctuation in price of Ethereum in recent days may have caused this stir among whales. They often move on the blockchain to buy more tokens in downturns and take profits on upswing.
Ethereum broke the $2,000 barrier at the end of July and grew steadily throughout August, peaking at $3,320 on Friday (13), the highest price in three months.
Since the beginning of the week, however, the currency has been falling. ETH managed to stay above $3,000 this morning, but faces a daily decline of 1.3%, according to CoinGecko.
The crypto community tends to keep an eye on the movements of large whales as they can influence the currency price if there is a large token dump on the market.
Large Ethereum holders are increasing their reserves. At the end of July, the ten biggest whales on the market held a total of 21.3 million ETH, the biggest accumulation of coins seen in the last five years.