• Sat. Apr 13th, 2024

A Massive $102 Million ETH Transaction Causes Ruckus In The Community

Alvin Hayes

ByAlvin Hayes

Sep 2, 2022

The upcoming ETH merge is the only thing that we can discuss at the moment since it is the only truly impactful event that can affect the outlook of the whole crypto industry for years to come. However, many are interested in instant ramifications that will be in effect right after the merge on September 15. The whole community experiences collective anxiety as massive amounts of ETH are moved casually in preparation for the merge.

Whales seemingly move their funds from one wallet to another for an unknown reason. The recent transaction that attracted our attention is a 64 thousand ETH transaction from the US Binance arm to an unknown wallet. It was repeated later with a much smaller amount (15 ETH). The total worth of the transaction of way over $102 million, an amount that can significantly sway the market. We do not know where these funds were moved.

We had many alerts from different investigators that whales are moving their funds to various exchanges. Only during the last week, over 20 thousand ETH were moved to Huobi, and the same amount to FTX. Over 6.6 thousand ETH to OKX. Many whales are preparing for something. It may be that they are planning to dump their assets and cut down the price of ETH. Others think that it is a strategic move to make everyone think that this is exactly what is going to happen.

Either way, the accumulation of funds on exchanges is a very worrying trend that can be devastating to the ETH token, but it can create massive opportunities for competing projects like Cardano which sees increased interest from investors hedging against the merge.

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Traders and holders of ETH should prepare for a storm that will hit the market in the middle of September. Such large volumes of assets can dramatically shift the situation on the market. The drop of ETH tokens is inevitable; we just have to see by how much. If the new functionality of the network proves to be better, we can see dramatic gains in the future, but the immediate perspective is clear — ETH will be very volatile and has a high chance of dropping to new lows.

Alvin Hayes

Alvin Hayes

Alvin Hayes is a seasoned news writer known for his engaging storytelling and thorough research. With a commitment to accuracy and a captivating writing style, his articles provide readers with insightful and well-rounded perspectives on current events.

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