Whales Abruptly Shuffle $500,000,000 in Ethereum Amid Crypto Market Pullback

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Whales Abruptly Shuffle $500,000,000 in Ethereum Amid Crypto Market Pullback

Whales are moving massive amounts of Ethereum (ETH) as volatility in the crypto markets picks up.

Large holders of the second-biggest crypto asset moved more than $500 million in ETH across 13 separate transactions on Tuesday and Wednesday.

Among the largest single Ethereum whale transactions is a transfer of 28,272 ETH, worth more than $90.8 million. The crypto was sent from one unidentified wallet to another, according to the crypto tracker Whale Alert. Two minutes later, the same sending wallet sent another 28,272 ETH to a third unknown wallet.

A similar sequence of events happened when a wallet sent 27,425 ETH worth more than $88.1 million to an unknown wallet. The sending address then sent roughly the same amount to another unknown wallet in a second transaction.

Additionally, the crypto exchange Kraken fired off seven separate ETH transactions to one unknown wallet over a two-minute period on Wednesday. Kraken sent exactly 3,200 ETH worth more than $10.2 million each time, for a total of 22,400 ETH worth more than $71 million.

Other notable transactions include the exchange Gemini sending 10,000 ETH worth more than $32 million to the exchange Binance, as well as the exchange Bithumb sending 12,000 ETH worth nearly $38.6 million to an unknown address.

After reaching a recent high of $3,346.21 on Monday, ETH is now trading at $3,148.80 at time of writing, according to CoinGecko.

The second-biggest crypto asset by market cap is up 3.6% on the week and 41.1% on the month.

Featured Image: Shutterstock/Roman3dArt

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