Categories: Ethereum News (ETH)

Crypto Whale Transfers 121,252 ETH to an Anonymous Wallet

A crypto whale has transferred 121,252 Ethereum (ETH) worth $25,680,152, from an anonymous wallet to another, according to Whale Alert, the tracker of major crypto transactions.

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.

Ethereum whale transfers 121,252 ETH

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.

Ethereum on top of CCID rankings

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.

Rabea Maguid

Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.

Recent Posts

The Most Important Things to Look Out for In Your Potential Crypto Broker

At its inception, cryptocurrency was traded solely through unique and dedicated cryptocurrency exchanges, or via…

7 months ago

Why ChainLink is the Hottest DeFi Coin Right Now

ChainLink (LINK) is a decentralised system that verifies real world data within blockchain-based smart contracts.…

7 months ago

KuCoin Hacker Moves $4.5M of Stolen XRP

KuCoin logo [...]

7 months ago

China Holds Half of Global Blockchain Patents in 2020

China has applied for 4,435 blockchain patents so far, accounting for about half of the…

7 months ago

Bahrain Allows UK’s Fasset to Test Blockchain-Based Solutions

Central Bank of Bahrain [...]

7 months ago