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854,830 ETH Wired From Bithumb as ETH Price Rises to $251, Adding 6%

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Tue, 06/02/2020 - 13:20
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Yuri Molchan
Glassnode reports that $211,993,919 in ETH has been moved from Bithumb to anonymous wallets while ETH surged to $251 and the amount of active ETH wallets increased
854,830 ETH Wired From Bithumb as ETH Price Rises to $251, Adding 6%
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The analytics company Glassnode has reported a massive move of ETH from the South Korean Bithumb exchange to wallets with unregistered owners.

Additionally, some of Ethereum’s on-chain fundamentals have also improved. In the meantime, the second biggest currency has risen slightly more than six percent.

Ethereum rises, following the BTC surge

As the king crypto Bitcoin has returned above the $10,000 mark for the first time since the supply cut on May 11, altcoins have followed suit.

At the time of writing, ETH is trading at $251, according to figures from CoinMarketCap.

ETH CMC
Image via CoinMarketCap

Along with Ethereum, Ripple’s XRP price has increased to $0.2137 from $0.2050 on June 1.

Related
Hackers Wire Nearly $800,000 in Bitcoin Stolen from Bitfinex in 2016

Whales move 855,000 ETH from Bithumb

The Glassnode analytics agency has shared data showing that somebody moved around 855,000 Ethereum earlier today. This totals almost $212 mln.

This mammoth-sized amount of crypto was split into five transactions, with the biggest ones bearing 300,000 and 400,000 ETH.

Glassnode says that Ether in all the five transfers was sent to anonymous wallets.

ETH
Image via Twitter, @glassnodealerts

Just now, it has commented on these outflows from exchanges, saying that it could be an internal reshuffling of funds. Glassnode is looking into the matter right now and they have promised to tweet what they come up with later.

Some of ETH's on-chain fundamentals improve

According to another share of data from Glassnode, some of the ETH on-chain fundamentals have improved. Among them, Glassnode tweeted, the amount of active ETH wallets has increased to a 6-month high of 23,533.583.

Also, the number of addresses holding more than one ETH has also grown to an all-time high of 1,051,261.000.

However, the amount of ETH withdrawn from crypto exchanges has hit a one-year high. Compared to late June 2019, it is more than twenty percent higher and totals $13,605,975.06.

This likely suggests that some major investors have decided to hodl ETH either long term or they are waiting for the price to go higher, so as to take some profits later.

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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.