Ethereum whales move $ 500 million across 13 trades

The roller coaster ride of the crypto market caused Wale to transfer over $ 500 million in Ethereum in 13 independent trades on Tuesday and Wednesday this week, The Daily Hodl reported on Thursday (Aug. 26).

Whales – individuals or companies that hold a large amount of a particular cryptocurrency – are taking advantage of a market boom and dumping a tremendous amount of Ethereum into unknown wallets, according to the report.

Ethereum, a blockchain platform with its own cryptocurrency called Ether (ETH) or Ethereum, is the second largest crypto after Bitcoin.

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The largest whale transfer from Ethereum was estimated at around $ 91 million. According to the crypto tracker Whale Alert, 28,272 Ethereum were moved from one unidentified wallet to another.

A new software update for Ethereum, the second largest blockchain network, is likely to stabilize transaction fees and reduce the supply of tokens.

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Just a few minutes later, according to The Daily Hodl, another transfer from the same unknown sender moved another 28,272 Ethereum to a third unknown wallet. The pattern repeated with 27,425 Ethereum worth $ 88.1 million sent to another unknown wallet.

The Kraken cryptocurrency exchange on Wednesday made seven separate trades totaling 22,400 Ethereum worth $ 71 million. The transfers went to an unknown wallet and every move was the same – 3,200 Ethereum, each worth more than $ 10.2 million, the report said.

Gemini, another crypto exchange, has moved 10,000 Ethereum worth over $ 32 million to an undisclosed wallet on Binance and Bithumb. Each transaction included 12,000 Ethereum worth nearly $ 38.6 million.

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Ethereum hit a high of $ 3,346.21 on Monday (August 23) and was trading at $ 3,148.80 on Thursday morning (August 26), according to CoinGecko. According to the news agency, the market capitalization of Ethereum has “increased by 3.6 percent during the week and by 41.1 percent in a month-on-month comparison”.

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