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103,124 ETH Deposited to Exchanges in Just 10 Minutes Before Ethereum Plunged to $3,840

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Thu, 05/13/2021 - 08:42
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Yuri Molchan
Recent analytics data shows that a whopping $410 million in Ethereum was sent to crypto exchanges in merely ten minutes; one exchange in particular was involved
103,124 ETH Deposited to Exchanges in Just 10 Minutes Before Ethereum Plunged to $3,840
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An Ethereum chart provided by Glassnode on May 12 demonstrates that a mind-blowing batch of 103,124 ETH was recently sent to crypto exchanges in only a ten-minute period.

This happened shortly before the second-largest digital currency plunged below the $3,900 level, as CoinMarketCap shows.

$410 million in ETH moved to crypto exchanges

A Glassnode chart shared by the Moskovski Capital CIO shows that a whale transferred a staggering $410,663,486 worth of Ethereum to trading platforms—to OKEx in particular, details reveal.

When the tweet was published, this ETH amount was worth $10 million more.

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Image via Twitter

Soon after the crypto was moved, the second-biggest digital currency plunged from the $4,172 level to the $3,966 zone.

After that, another decline in price took place as ETH dropped to $3,840 after posting a short rise to the $4,164 mark.

In a comment to the post, Lex Moskovski added some details of what happened. As per Moskovski, this could have either been a shuffling of funds made by OKEx, or the second option is spoofing.

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ETH active addresses soar to a new ATH

In another tweet, the same analyst shared one more Glassnode chart. It reveals that the number of active ETH addresses had reached a new historic peak of almost 800,000.

Even with the current Dogecoin trend surging in popularity, this is still an impressive milestone, Lex Moskovski comments.

At press time, the second-biggest digital currency, ETH, is exchanging hands at $3,958, according to data from CoinMarketCap.

Ethereum hits a new ATH

On March 12, Ethereum's native crypto, ETH, spiked to hit a new historic peak of $4,362, according to CoinMarketCap.

On the same day, also, the total value of ETH locked in the ETH 2.0 deposit contract for staking reached an all-time high of $18,863,639,976.50.

That is 4,822,202 Ethers at the current exchange rate.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.