Two Whales Transfer Over 9 Figures Worth of Crypto to Exchanges
Two separate whales, each holding over 9 figures worth of crypto, have transferred their holdings to exchanges in the past 24 hours. One of the whales is an Ethereum ICO participant who hadn’t moved his coins since 2014. The other is a Bitcoin whale who transferred a significant amount of BTC to Binance.
Key Points:
- An Ethereum ICO participant moved 61,216 ETH worth $116 million to Kraken.
- The participant’s address had zero other significant activity and received its entire ETH stash from the Ethereum Genesis address over 2,911 days ago.
- The Genesis address, often referred to as a “Black hole,” holds 11,743 ETH.
- The ICO participant conducted a test transaction before sending his entire ETH stash to the exchange.
- A separate Bitcoin whale transferred $4,451 BTC worth $133 million to Binance.
This activity by the whales has sparked interest among experts who view rising balances on exchanges as a potential signal of upcoming sell-offs. Additionally, the U.S. government’s recent announcement of a large Bitcoin sale indicates a possible trend of selling in the market.
Hot Take:
The transfer of such significant amounts of crypto by these whales raises questions about their intentions. Are they preparing to sell, or is there another motive behind their actions? The crypto community will be closely watching to see how these movements affect the market and what they may indicate for the future.
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