A mysterious cryptocurrency whale has caught the attention of the community earlier this week, after it moved nearly $505 million worth of the second-largest cryptocurrency by market capitalization, Ethereum ($ETH), to leading cryptocurrency exchange Binance.
The transactions, initially spotted by blockchain tracker Whale Alert, involved a mere 0.00183 ETH (approximately $3.38) in transaction fees. According to on-chain crypto analytics firm Santiment, the transaction represents one of the largest self-custody-to-exchange transfers in the past half-decade.
This substantial transfer was not the only one involving a large quantity of Ethereum this week. Another anonymous wallet sent approximately 77,482.16 ETH in six separate transactions to various Coinbase addresses within a 12-hour period on Monday. As Ethereum is currently trading above $1,870, the combined value of these transactions is over $145 million.
As CryptoGlobe reported, last month Santiment revealed that significant dormant movement has occurred on the Ethereum network, with two addresses moving long-standing ETH untouched for nearly five years. Historically, dormant asset movement often indicates major price shifts, usually in a positive direction.
With the current spike ranking as the fifth-highest in the past six months, there’s a chance history could repeat itself. Additionally, the mean dollar invested age line has decreased over the past month, indicating a decline in the average age of investments in addresses. A younger mean dollar invested age often favors a bullish market setup.
The company also highlighted two wallet addresses that amassed 150,000 ETH back in November 2018 and liquidated their entire holdings on April 18, 2023. Although the sample size is too limited to imply market manipulation, the timing of their 2018 acquisition and recent divestment may suggest that these addresses possessed some knowledge of market trends.
The analysis underscores that the 150,000 ETH accumulation in late 2018 coincided with prices falling below $125, occurring just a few weeks before the market reached its lowest point and subsequently experienced a surge
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