Whales are suddenly moving hundreds of thousands of Ethereum (ETH) as the crypto markets witness a serious sell-off event.
The blockchain-surveying service Whale Alert spotted a string of Ethereum transactions adding up to 353,579 ETH and worth almost $400 million.
One of the largest transactions in the past day involved a deep-pocketed investor abruptly relocating 149,999 ETH worth $276.16 million from a wallet of unknown origin to US-based crypto exchange Coinbase.
— Whale Alert (@whale_alert) June 5, 2023
Whale Alert shows that the crypto whale paid about $3 in transaction fees to move the massive Ethereum stack.
A different entity also moved 149,999 ETH worth $276.16 million from an unknown wallet to Coinbase. The crypto whale shelled out a little over $3 for the transfer.
Whale Alert also reports three other large Ethereum transactions that saw the movement of tens of thousands of ETH from unknown wallets to Coinbase.
Since all of the ETH mentioned were moved to a crypto exchange, they could potentially be sold on the open market.
At time of writing, Ethereum is trading for $1,809, down nearly 4% in the last 24 hours.
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