Main navigation

$813 Million in Ethereum Shifted to Be Sold as ETH Drops Below $1,500 After Merge

Fri, 09/16/2022 - 13:44
article image
Yuri Molchan
More than half million ETH moved by anonymous whales after long-expected successful Merge
$813 Million in Ethereum Shifted to Be Sold as ETH Drops Below $1,500 After Merge
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Whale Alert cryptocurrency tracker that traces large transactions of digital currencies has noticed that several transfers of Ethereum made over the last 24 hours with small breaks between each other carried more than half a million ETH.

Half of it was sent by an unknown address to be sold on Binance. This happened merely one day after the long-awaited Merge upgrade on Ethereum chain, which quickly turned into a "sell-the-news" event.

A total of 547,875 ETH was moved by anonymous crypto addresses. The biggest transfer, which carried 240,099 ETH (worth $357,901,283) was sent to the Binance exchange, most likely to be sold.

The rest of the transfers shifted roughly 100,000 ETH each.

Related
Charles Hoskinson Criticizes Ethereum's PoS as Kraken Refuses to Unstake ETH Until Shanghai Upgrade

After the Merge took place on Thursday, Sept. 15, Ether, the native coin of the second biggest blockchain Ethereum, began dropping hard. By now, ETH has plunged by slightly over 10%, trading at $1,459 at the time of writing.

As soon as the plunge began, some analysts began talking about the Merge turning into a "sell-the-news" event, adding that the Merge was priced in.

article image
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.