Ethereum whales have started moving the world’s second-most valuable digital asset in substantial amounts amid market volatility. ETH touched a low of nearly $1,700 yesterday, the lowest level since March 2021.
According to the latest data posted by Whale Alert, the leading crypto analytics and blockchain tracking platform, a large Ethereum wallet moved 81,760 ETH from a digital wallet to cryptocurrency exchange Binance. According to the current price of Ethereum, the total value of the transaction stands at around $160 million.
The mentioned transfer was executed on Tuesday 22 June at 14:02 UTC. The movement from the whale Ethereum account was highlighted by Etherescan. During the latest market volatility, the number of transfers by whale Ethereum addresses has increased significantly.
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“Ethereum’s top 10 non-exchange whales continue to hold record levels of ETH and are even inching upward despite the dip below $1,900 Monday. Meanwhile, the top 10 exchange whale holdings keep declining, which implies less chance of further sell-offs,” Santiment, crypto analytics firm, mentioned on Twitter.
Santiment added that the top 10 Ethereum addresses are currently holding more than 19.5 million coins.
While ETH is currently facing a tough challenge in the form of a bearish crypto market, the deposit contract of Ethereum 2.0 is steadily attracting a large amount of ETH. According to Etherescan, the staking contract of Ethereum 2.0 (ETH’s network upgrade) now has more than 5.7 million coins with a total value of over $11.5 billion. The deposit contract of ETH 2.0 crossed 5 million ETH for the first time in May 2021. The latest surge in the staking number shows that the ETH community is fully supporting the upgrade from the current proof-of-work network to an improved proof-of-stake network.
As of writing, Ethereum is trading near $2,000 with a market cap of over $230 billion. The current market dominance of the world’s second-largest digital currency stands at around 17%, which is down from the recent high of more than 19% in May 2021.