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.
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,
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.
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.