What is the reason behind Ethereum whales transferring more than 21K coins between wallets?
Notable Ethereum transactions involving more than 21,000 ETH coins have been documented as they were transferred between blockchain wallets and crypto exchanges. These significant movements have caught the attention of many, particularly due to their correlation with a noteworthy price rally in ETH.
When large-volume transactions occur, they can sometimes have a short-term impact on the price of the respective token. As a result, investors and market participants closely monitor the price movement to determine whether the current rally will continue or come to a halt.
In a recent development, WhaleAlert, a popular blockchain transaction tracker, has reported several transactions involving substantial amounts of Ethereum (ETH) coins within the past 24 hours. Sharing its report on X (formerly Twitter), WhaleAlert revealed that a large investor transferred 8,366 ETH tokens (valued at $32,747,960) from the OKEx exchange to an unidentified wallet. Notably, this transaction took place approximately two hours ago at the time of writing.
Prior to that, another individual, referred to as a “whale,” moved an impressive 13,080 ETH coins from an anonymous wallet to the centralized Coinbase exchange. The value of this transfer was recorded as $50,436,443 at the time.
When significant amounts of cryptocurrency are shifted to centralized exchanges (CEXs), it can sometimes indicate a selloff, where investors cash in on previously realized profits. However, the accumulation of coins from exchanges to wallets can also signify confidence, with investors adding to their portfolios in anticipation of an upward price movement in a specific cryptocurrency.
In addition to these transactions, WhaleAlert also reported other large transactions involving Ethereum (ETH). According to the shared data, a series of transactions involving at least 5,000 ETH tokens were made to Coinbase Institutional approximately 18 hours ago from the time of the press release.
The first transaction involved the movement of 5,969 ETH tokens from the aforementioned exchange to an unidentified wallet. The value of this transaction at the time was $22,724,378. A few minutes later, a second transaction was initiated, transferring 5,945 ETH (worth $22,663,907).
Finally, another 5,450 ETH coins (valued at $20,751,404) were moved from Coinbase Institutional to the same unidentified wallet. Whale movements such as these often lead to speculation about market trends and potential price effects.
In terms of price movements, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has experienced impressive growth over the past 24 hours. According to data from CoinMarketCap, ETH is currently being traded at $3,892, representing a 3.65% increase within the recorded time.
Furthermore, the trading volume of ETH has surged by 89% to $18 billion in the last day, with a live market capitalization of $467 billion. Additionally, ETH has traded within the range of $3,755.90 to $3,931.79 in the past 24 hours. With a valuation of $13.2 billion, Ethereum’s open interest currently stands at +9.92%. The RSI is at a level of 66.32, indicating the possibility of a bullish presence.
