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Almost $2 Billion in ETH Moved to Possible New Ethereum 2.0 and Cardano Rival

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Fri, 09/24/2021 - 08:42
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Yuri Molchan
An amount of crypto close to $2 billion has been transferred recently in multiple transactions to the Arbitrum platform
Almost $2 Billion in ETH Moved to Possible New Ethereum 2.0 and Cardano Rival
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Whale Alert spreads the word that, in the past 10 hours, a mind-blowing amount of Ethereum—worth almost $2 billion USD—has been wired by several major exchanges and anonymous whales.

598,174 ETH on the move, part of it goes to Arbitrum

According to the aforementioned blockchain sleuth that tracks large transactions of cryptocurrencies, over the past 10 hours, $1,861,378,457 worth of Ethereum has been shifted by major players of the crypto market.

Twenty-two massive transactions, with the smallest one carrying 10,000 ETH ($31,000,000), have been spotted by Whale Alert. Most of them were made consecutively.

About half of them were made to the Arbitrum crypto platform from Binance and anonymous wallets. Overall, 598,174 ETH have been transferred, which is the equivalent of $1,861,378,457 in fiat.

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Image via Twitter

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Is Arbitrum a potential rival to ETH 2.0 and Alonzo?

Arbitrum is a new open-source cryptocurrency platform being created by Offchain Labs. It is compatible with Ethereum and runs on top of it. Some now view the platform as a potential competitor of Ethereum 2.0 and Cardano's smart contracts feature launched in the Alonzo hard fork on Sept. 12. Arbitrum has not launched its native token yet.

The largest Ethereum transactions among the ones mentioned above carried 120,699 ETH (371,690,396 USD) to Binance and 50,806 ETH (160,018,010 USD). Some of these transfers, though, were made without Arbitrum as a receiver and were sent by crypto exchanges to anonymous wallets or simply between anonymous crypto addresses.

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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.