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Ethereum (ETH) Whale Wakes up From Dormancy and Makes Huge Transaction: Details

Thu, 08/31/2023 - 13:16
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Tomiwabold Olajide
Ethereum whale still holds sizeable amount of ETH
Ethereum (ETH) Whale Wakes up From Dormancy and Makes Huge Transaction: Details
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An ETH whale, or large holder that holds enormous quantities of Ethereum, has awakened after a brief period of slumber and shifted a sizeable portion of ETH tokens, on-chain analytics provider Lookonchain reported.

According to an etherscan screenshot that Lookonchain shared, the whale last transferred exactly 2,913 ETH tokens to the Kraken crypto exchange about 748 days ago.

In an unexpected move, the aforementioned whale, who has lain inactive for the past two years, deposited 6,087 ETH worth $10.4 million into Binance's cryptocurrency exchange.

Crypto assets get moved to exchanges for a variety of reasons, among which is to sell them. The motive or intention of the whale remains unknown.

Ethereum (ETH) Risks 30% Drop If This Ominous Pattern Plays Out

The whale is still holding a sizable amount of ETH, according to Lookonchain, which may have been kept on the assumption that prices would increase in the future.

The SEC's approval of an Ethereum spot ETF is still under discussion, and this could ultimately affect the price of ETH. The said whale presently owns 6,000 ETH, valued at $10.23 million.

At the time of writing, ETH had erased gains made days earlier when news of Grayscale's win in the SEC lawsuit broke, and it was marginally down in the last 24 hours to $1,706.

Robinhood enables in-app Ethereum swaps

Stock brokerage app Robinhood has a new announcement for the crypto community. Aside from launching custody, send and receive support features for Bitcoin and Dogecoin, it is also enabling in-app swaps on the Ethereum network.

According to a blog post, in-app Ethereum swaps for over 200 tokens have been rolling out to select users and will be available to everyone in the coming weeks.

Users can swap without holding Ethereum, and network fees are taken automatically from the tokens they currently own, making it easier for everyone to get started and utilize DeFi.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.