At least two long-dormant Ethereum whales recently relocated more than $22 million in the second-largest cryptocurrency by market cap, coinciding with an enormous $ETH price swing that surpassed $1,500.

According to the on-chain analytics platform Santiment, an Ethereum whale wallet that had been inactive for more than six years suddenly transferred $22.2 million to a new empty wallet while the currency’s value rose.

According to CryptoCompare data, Ethereum is currently trading at $1,535 after increasing by more than 14% in the last 24 hours. Other cryptocurrencies rose dramatically as well, with BTC up 7%, Solana up 11.7%, and Cardano up 13.6% over the same time period.

Another long-inactive whale moved a large amount of $ETH. According to the monitoring service Whale Alert, the static address usually contains 200 $ETH and was enabled after 7.2 years.

Santiment noticed a considerable amount of token juggling between whale addresses at a local top. According to the firm, 320,000 worth nearly $500 million was moved as the cryptocurrency's price dropped to $1,250.

According to CryptoGlobe, data from the Ethereum blockchain shows that billionaire whale addresses with at least one million $ETH in their accounts has managed to accumulate 3.5 million coins in the last month, representing a 14% increase in their holdings.

Since September 11, 132 Ethereum addresses with more than one million $ETH in their balances have incorporated a total of $4.48 billion in the second-largest cryptocurrency by market cap to their wallets.

The network has already been constantly rising in recent months, outshining 200 million unique addresses earlier this year despite increasing transaction fees and slowing processing times.

What do you think is causing the Ethereum whales to move their money? Drop your comments by sharing this article on social media.

Posted 
Oct 27, 2022
 in 
Crypto News
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