A deep-pocketed investor is suddenly moving tens of thousands of Ethereum (ETH) tokens amid the uncertainty surrounding the crypto markets.
Blockchain tracker Whale Alert initially spotted the transaction involving a large Ethereum holder relocating 97,273 ETH worth $124.69 million at time of transfer.
According to Whale Alert, the large crypto trove was shifted from one unknown wallet to another wallet of unknown origin. Since the funds were not transferred to a known exchange wallet where they could be sold in the open market, the whale likely moved the crypto stash for security purposes.
Other notable whale transactions recently on Whale Alert’s radar include:
•75,999 ETH worth $101.2 million transferred from an unknown wallet to another unknown wallet.
•50,000 ETH worth $66.5 million transferred from crypto exchange FTX to a wallet of unknown origins.
The transaction activity comes as wealthy ETH whales have accumulated billions of dollars worth of the second-largest crypto asset by market cap in just over a month, according to market analytics firm Santiment.
“Since September 11th, Ethereum billionaire whale addresses holding one million or more ETH have collectively added 3.5 million more coins. This has increased their cumulative bags by 14%. There are currently 132 such addresses in existence.”
Meanwhile, Santiment finds that wallets holding 100,000 to one million ETH are unloading the digital asset.
“Ethereum’s shark and whale addresses (holding 100,000 to 1 million ETH) have dropped 3.3 million ETH in just the past five weeks. This equates to about $4.2 billion in dumped coins. The asset’s price vs. Bitcoin has ebbed and flowed based on [the] behavior of these key stakeholders.”
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Featured Image: Shutterstock/ZubiZub