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Whale Alert: Large Ethereum holders began to move ETH to trading platforms

According to the Whale Alert service, which tracks large cryptocurrency transactions, the so-called “whales” began to move ethers to trading platforms. ETH fell sharply 8% below $1500.

According to a tweet from Whale Alert, the service detected several transactions with a large amount of ether. From an unknown address to the Huobi exchange was
translated 73,840 ETH worth about $111M. Another user recently
translated on Binance an even larger amount – 260,000 ETH, which at that time was worth about $434 million.

Large Ethereum holders are trying to move their crypto assets to exchanges amid the upcoming transition of Ethereum to the Proof-of-Stake consensus algorithm. The merger is due to happen in about a week, and it will be the main catalyst for the development of the network. Ethereum is expected to rise after the merger, so the whales are hoping to make big profits.

This is not the first time that large sums of cryptoassets have been transferred to exchanges in anticipation of important events. However, large transactions can be associated with both speculative trading and the manipulation of market prices. Yesterday, ETH rose to $1680 due to the successful launch of the Bellatrix update for the Ethereum network and the positive mood of investors who are in anticipation of the long-awaited transition to PoS. However, in total, over the past day, the coin rate has fallen by more than 8% to $1490.

Ethereum “whales” can give preference not only to ether, but also to other tokens. So, in March, a large owner of ethers bought 271 billion SHIB tokens in the amount of $6 million.


Source: Bits

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