The transfer of funds by crypto whales has been notable over the years, because of their effect on prices of digital assets.
There are several examples where the whales manipulate prices for their interest, leaving retail investors at a dead end.
Accordingly, any of their movements draws the attention of the crypto community, leading them to review the prices of their choice digital assets. Accordingly, the transfer may be favorable or unfavorable for several members of the crypto community.
It was reported that a total of 121,252 ETH worth $25,680,152 was moved on 8 May, 23:23:41 UTC, from an anonymous wallet to another.
Moreover, the fact that the huge transaction is from an unknown wallet to another minimizes its chance of negatively impacting the price of ETH. It would have been unfavorable if such a huge amount was moved from an unknown wallet to an exchange.
However, the fact that the major transaction is from an unknown wallet to another mitigates the likelihood of having a negative effect on ETH price. The transaction would have an unfavorable impact if this huge number of ETH was transferred to an exchange.
On 30 April, an Ethereum whale has transferred 30,000 Ethereum (ETH) worth almost $6.7 million from an anonymous wallet to OKEx exchange.
Since several cryptocurrencies are experiencing price appreciation, whales will not stop maximizing their financial profits from the current market situation.
The transfer of a digital asset from an anonymous wallet to platforms reflects sell-off for the sake of profits. ETH is one of the coins that are currently experiencing parabolic price appreciation.
China’s Center for Information and Industry Development (CCID) has published the 17th report on evaluation of the top cryptocurrencies. The center publishes the report once a month to compare the best recognized blockchain projects in the crypto space.
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