Blockchain News

Mysterious Crypto Whale Moves Massive $505 Million in Ethereum ($ETH)

A mystery cryptocurrency whale piqued the community’s interest earlier this week, transferring approximately $505 million worth of Ethereum ($ETH), the second-largest cryptocurrency by market capitalization, to top cryptocurrency exchange Binance.

The transactions were discovered by blockchain tracker Whale Alert and cost just 0.00183 ETH (about $3.38) in transaction fees. According to Santiment, an on-chain crypto analytics service, the transaction is one of the biggest self-custody-to-exchange transfers in the last half-decade.

This huge transfer was not the only one involving a significant amount of Ethereum this week. On Monday, another anonymous wallet delivered 77,482.16 ETH in six distinct transactions to multiple Coinbase accounts within 12 hours. Because Ethereum is currently trading above $1,870, the total value of these transactions exceeds $145 million.

As previously reported by CryptoGlobe, Santiment disclosed last month that considerable latent movement had happened on the Ethereum network, with two addresses transferring long-standing ETH that had been ignored for over five years. Dormant asset movement has historically been associated with significant price swings, generally in a favorable direction.

With the current rise rating as the fifth-highest in the previous six months, history may repeat itself. Furthermore, the mean dollar invested age line has decreased over the last month, indicating that the average age of address investments has decreased. A bullish market scenario is generally favored by a younger mean dollar invested age.

In addition, the organization highlighted two wallet addresses that acquired 150,000 ETH in November 2018 and sold their entire assets on April 18, 2023. Although the sample size is insufficient to suggest market manipulation, the timing of their 2018 acquisition and recent divestment may indicate that these addresses were aware of market trends.

According to the data, the 150,000 ETH accumulation in late 2018 corresponded with prices dipping below $125 only a few weeks before the market hit its lowest point and underwent a rally.


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