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Ethereum Whales Move $500M Across 13 Trades

The roller coaster ride of the crypto market prompted whales to transfer over $500 million in Ethereum in 13 unrelated trades on Tuesday and Wednesday of this week, The Daily Hodl reported on Thursday (Aug. 26).

Whales — individuals or entities holding a large amount of a particular cryptocurrency — are taking advantage of a market upswing and unloading an enormous amount of Ethereum to unknown wallets, according to the report.

Ethereum, a blockchain platform with its own cryptocurrency, called Ether (ETH) or Ethereum, is the second-largest crypto after bitcoin.

See also: Bitcoin Daily: Ethereum Software Upgrade Aims To Stabilize Crypto Fees; Luxury Brand Burberry To Release NFT Collection

The biggest whale transfer of Ethereum was valued at roughly $91 million. Some 28,272 Ethereum was moved from one unidentified wallet to another, according to the crypto tracker Whale Alert.

A new software update for Ethereum, the second-largest blockchain network, will likely stabilize transaction fees and cut down on the supply of the tokens,

Read more: Mortgaging The Future, Literally, With Bitcoin 

Just minutes later, another transfer by the same unknown sender moved another 28,272 Ethereum to a third unknown wallet, according to The Daily Hodl. The pattern repeated with 27,425 of Ethereum worth $88.1 million sent to another unknown wallet.

The cryptocurrency exchange Kraken on Wednesday made seven separate trades totaling  22,400 Ethereum and valued at $71 million. The transfers went to an unknown wallet and each move was the same — 3,200 Ethereum valued at more than $10.2 million each, per the report.

Gemini, another crypto exchange, moved 10,000 Ethereum valued at over $32 million to an unknown wallet on Binance and Bithumb. Each transaction was 12,000 Ethereum worth close to $38.6 million.

Related: Crypto Platform Matrixport Becomes Unicorn With $1B Valuation

Ethereum reached a high of $3,346.21 on Monday (Aug. 23) and was trading at $3,148.80 on Thursday (Aug. 26) morning, according to CoinGecko. The market cap for Ethereum is “up 3.6 percent on the week and 41.1 percent on the month,” according to the news outlet.

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