Whales are suddenly moving hundreds of thousands of Ethereum (ETH) as the crypto markets witness a serious sell-off event.
The blockchain-surveying service Whale Alert spotted a string of Ethereum transactions adding up to 353,579 ETH and worth almost $400 million.
One of the largest transactions in the past day involved a deep-pocketed investor abruptly relocating 149,999 ETH worth $276.16 million from a wallet of unknown origin to US-based crypto exchange Coinbase.
? ? ? ? ? ? ? ? ? ? 149,999 #ETH (276,161,338 USD) transferred from unknown wallet to #Coinbasehttps://t.co/ETQxsjeoby
— Whale Alert (@whale_alert) June 5, 2023
Whale Alert shows that the crypto whale paid about $3 in transaction fees to move the massive Ethereum stack.
A different entity also moved 149,999 ETH worth $276.16 million from an unknown wallet to Coinbase. The crypto whale shelled out a little over $3 for the transfer.
Whale Alert also reports three other large Ethereum transactions that saw the movement of tens of thousands of ETH from unknown wallets to Coinbase.
- 18,752 ETH worth $33.91 million transferred from a wallet of unknown origin to Coinbase
- 18,703 ETH worth $33.82 million transferred from a wallet of unknown origin to Coinbase
- 16,126 ETH worth $29.86 million transferred from a wallet of unknown origin to Coinbase
Since all of the ETH mentioned were moved to a crypto exchange, they could potentially be sold on the open market.
At time of writing, Ethereum is trading for $1,809, down nearly 4% in the last 24 hours.
Generated Image: Midjourney