The crypto market was in a state of decline since May. The price for Bitcoin went down steeply, and the rest of the altcoin market followed. Ethereum was able to assert its dominance in the market for a while. However, it also tanked eventually. This change put the expectations of a flippening event to rest. In August, the price movement of Bitcoin started to improve.
Eventually, the flagship cryptocurrency was valued at a $41K support level. The bullish impact trickled down to the Bitcoin market as well. At present, Ethereum is trading for $2,537.8. Considering the sudden change in the market, it seems highly plausible that a bull run is revived once again. To reflect their impact on the market, whales have become active. In a matter of few hours, half a billion worth of Ethereum tokens are transferred.
Whale Alert is a cryptocurrency aggregator that tracks the movement of whale investors. Recently, the service revealed that 237,419 Ethereum 2.0 tokens moved in a matter of 10 hours. At the current value, this amount of ETH is valued at $557,777,068. The news was made public last Friday when the event took place.
For the process, the biggest transaction to take place was an installment of 55,277 tokens that are valued at $129.94 million. As reported by the Whale Tracker, the investor sent this amount from one unknown wallet address to another. It is important to note that 50K ETH was deposited into the sender’s wallet only a month ago.
Six thousand three hundred nine tokens valued at $14.7 million were transferred to Binance. On the other hand, 6,487 tokens valued at $15.1 million were purchased from OKEx and deposited into an anonymous wallet.
However, around 163,455 Ethereum tokens were sent from one unknown wallet address to another. These transactions were made by five different whale investors. The trail of these transactions goes as far back as last year. Big players have been active in the space and keeping an eye on every changing move of the market. It seems that the recent rise of crypto allowed them to empty their wallets and move their holdings into other accounts.