Here’s Why Ethereum Whales Are Moving Their Holdings With Merge On Horizon



The post Here’s Why Ethereum Whales Are Moving Their Holdings With Merge On Horizon appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Recently, the ETH whales have been seen moving their holdings to on-exchange addresses with a recent drop in the holdings of non-exchange addresses. The movement can be owed to the upcoming Merge scheduled to happen this month.

According to the on-chain analytics firm Santiment, the Ethereum supply within top exchange addresses climbed as traders dumped their holdings onto large exchanges amidst the 2022 market decline.

In the most recent development, a crypto whale just transferred 64,000 Ethereum (ETH) worth over a hundred million dollars to an unknown wallet.

The deep-pocketed crypto holder transferred $102,134,766 worth of ETH to an unknown address, the blockchain tracking platform Whale Alert recently reported. The unknown wallet still holds the transferred assets at the time of writing.

Ethereum network explorer Etherscan disclosed that the depositing wallet is owned by the US arm of the world’s leading crypto exchange platform – Binance.

The initial big transaction was followed by another follow-up transaction to the same unknown wallet after two hours when it moved15 ETH worth $23,988.

“64,000 ETH (102,134,766 USD) transferred from unknown wallet to unknown wallet.”

Earlier this week, Whale alert also reported several other massive crypto transfers:

Ethereum Whales Prepping For The Merger?

Earlier this month, Crypto analytics firm Santiment revealed that Ethereum whales seemed to be accumulating ETH as the price of the leading altcoin surged to a new high since June. The price surge could be owed to the announcement of the ETH 2.0 Upgrade in September.

“Ethereum surged back over $1,880 after a positive CPI report Wednesday. This two-month high in price came with a major influx of ETH transactions valued at $100,000 or more. This is happening in tandem with whale addresses appearing to be accumulating.”

Notably, there has been activity in on-exchange addresses too. According to a report that recorded the activity over the last three months, there has been a drop of 11% in the assets of Ethereum in non-exchange addresses. During the same time, there was a whopping 78% increase in the holdings of whale on-exchange addresses.

“Ethereum has seen its supply held by top exchange addresses rise, which makes sense with traders dumping their holdings onto large exchanges during the 2022 slide. Watch for a decline in top $ETH exchange address holdings as a bullish signal,” Santiment reported on August 3.

ETH is currently making a transition for 1,545.73 USD, a 0.54% drop on the day.