Ethereum Address Sends 99,999 ETH to an Unknown Wallet

While the world’s second most dominant digital asset is struggling to keep any sort of price momentum, Ethereum’s whale holders are increasing the on-chain movements. On 4 March 2022, a leading Ethereum whale address moved 99,999 coins to an unknown wallet.

The transfer, which was executed at 20:11 UTC, saw the movement of $260 million worth of ETH. In a separate transaction, nearly 10,000 ETH coins were moved from an unknown wallet to digital exchange FTX. Both these transactions appeared after ETH’s price suffered major losses last week.

The accumulation trend from large Ethereum wallets continued even during the recent price dip. Data from Santiment highlights that the total holdings of ETH billionaire addresses jumped by more than 2.2% in the last 6 months.

“Ethereum’s billionaire addresses (holding 1m to 10m ETH) have shown nice price alpha, historically. Currently, these addresses hold 21.6% of all ETH. They have accumulated 2.2% more of the supply over the past 6 months despite the price correction,” Santiment noted.

Market Correction

ETH dipped further over the weekend and lost approximately 10% of its value. For a brief period, its market capitalization plunged below $300 billion for the first time since 24 February.

Commenting on the latest price changes in the crypto market, Simon Peters, a Market Analyst at eToro, said: “Ethereum followed a similar pattern, starting the week around $2,600 before rising to around $3,000. It is now trading back down, around $2,500. Price changes, like those in the stock markets, were driven by the geopolitical machinations in Russia, as uncertainty continued to rule and investors de-risked. That being said, the swings we’re seeing are more broadly being caused by uncertainty among investors around the world. Despite regional changes in demand, crypto assets are ultimately global and reflect that in their price changes.”