Whale Alert: Large Ethereum holders began to move ETH to trading platforms

Article Reading Time:
2 minutes.

According to the Whale Alert service,tracking large cryptocurrency transactions, so-called “whales” have begun moving ether to trading platforms. The ETH rate fell sharply by 8% below $1500.

According to Whale Alert's tweet, the service detected several transactions with large amounts of ether. From an unknown address to the Huobi exchange there was
73,840 ETH worth about $111 million were transferred. Another user recently 
transferred an even larger amount to Binance - 260,000 ETH, which at that time was worth about $434 million.

Large ether holders are trying to movetheir crypto assets to exchanges against the background of the upcoming transition of Ethereum to the Proof-of-Stake consensus algorithm. The merger is expected to happen in about a week and will be a major catalyst for the network's development. The price of ether is expected to rise after the merger, so the whales are hoping to make big profits.

This is not the first time that, on the eveDuring important events, large amounts of crypto assets are transferred to exchanges. However, large transactions may involve both speculative trading and market price manipulation. Yesterday, the ETH rate rose to $1,680 due to the successful launch of the Bellatrix update for the Ethereum network and the positive sentiment of investors looking forward to the long-awaited transition to PoS. However, over the past 24 hours, the coin’s rate has fallen by more than 8% to $1,490.

Ethereum “whales” may prefer not only ether, but also other tokens. Thus, in March, a large ether owner bought 271 billion SHIB tokens worth $6 million.