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.

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Roman3dArt