Ethereum has continued to display signs of a sustainable bull run as the cryptocurrency leads with the highest daily gains among the top ten leading cryptocurrencies by market capitalization.
Amid this positive price trend, on-chain monitoring firm Whale Alert has spotted massive amounts of Ethereum moved among major exchanges in mere hours.
The tracker has identified a series of voluminous Ethereum transactions, with over 117,678 ETH shifted in less than four hours. The transferred tokens, worth about $374 million, have sparked questions among market watchers.
While the big ETH moves have been followed by a higher surge in the trading price of the token, investors are relieved that the moves might have impacted the market positively or stayed neutral.
Nonetheless, the data shows that the massive amount of ETH was moved in four separate transactions. The latest of the transactions saw a mysterious whale dump a massive 40,000 ETH worth about $127 million on the renowned crypto exchange, Kraken.
While the transaction carried the highest amount of tokens moved within the period, this particular transfer has sparked fear as it teases a possible sell-off attempt or a provision for liquidity.
Subsequent transactions saw 19,126 ETH, 31,775 ETH, and 26,777 ETH moved across Coinbase and Cumberland.
Although the reason behind the large Ethereum transfers was not specified, big whale moves like this between unknown wallets and major exchanges often signal surging on-chain activities among institutional investors and retail whales, which may be bullish for the concerned cryptocurrency.
3,710,000 ETH in one day
While multiple large ETH moves were spotted repeatedly during the specified period, Ethereum’s large transaction volume still projects a decent decrease of 5.87% over the last day.
This implies that whales were more active in moving the ETH tokens in the past day. This slowdown in Ethereum whale activity has sparked fear among investors as they worry that the bull run might be closing soon.
While debates on the sustainability of the Ethereum price rally have continued to linger, Ethereum has shown a massive price increase since the last day.
Data from CoinMarketCap shows that Ethereum has surged massively by 6.58% in the last 24 hours. However, it is trading steadily at $3,248 as of press time.
Vladislav Sopov
U.Today Editorial Team