According to a recent tweet by WhaleAlert, a crypto data tracker, a massive ETH whale has recently shifted 15,000 ETH worth $34.8 million. The massive ETH move was made from an unknown wallet to the beacon depositor.
WhaleAlert reported, "15,008 ETH worth $34,878,151 transferred from unknown wallet to Beacon Depositor."
Although the exact reason for the massive ETH transfer remains unknown, the nature of the deposit suggests it might be for staking.
Staking allows users to lock up their ETH in exchange for rewards and the right to validate transactions on the network. Staking on Ethereum is done through the Beacon Chain, a parallel blockchain that runs alongside the main Ethereum chain and coordinates the validators.
So far, more than 37.94 million ETH have been deposited into Ethereum’s Beacon Chain staking contract, data from Etherscan shows. The 37.94 million ETH figure represents nearly $87.934 billion at current prices.
According to a tweet put out by crypto analyst Ali on Feb. 4, nearly 510,000 ETH worth $1.22 billion have been withdrawn from known crypto exchange wallets in the past three weeks.
This significant outflow, according to Ali, indicates strong Ethereum holder sentiment and potentially less selling pressure on the market.
At the time of writing, ETH was up 0.51% in the last 24 hours to $2313. According to the most recent CoinShares report, digital asset investment products saw large inflows totaling $708 million in the past week, and Ethereum, on the other hand, saw $6.4 million in outflows in the said time frame.