Cryptocurrency whales were on the move over the weekend as plenty of large transactions worth over $350 Million were spotted on the Ethereum (ETH) network.
1st seen by blockchain-tracking service Whale Alert, a deep-pocketed Ethereum (ETH) holder moved 120,874 Ethereum (ETH) worth over $177.17 Million from an unknown wallet to another unknown wallet.
Another Ethereum (ETH) whale relocated96,638 Ethereum (ETH) worth over $141.81 Million betwixt two unidentified wallets about 45 minutes later.
? ? ? ? ? ? 96,638 #ETH (141,817,476 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) March 12, 2023
A mere moments thereafter, a third whale sent 26,636 Ethereum (ETH) worth greater than $39 Million to cryptocurrency exchange Coinbase Crypto exchange, where the cryptocurrency could potentially be sold on the open market.
Whale Alert likewise spotted a number of big crypto altcoin transactions over the weekend, including the transfer of cryptocurrency assets to borrowing and lending protocol Aave (AAVE) and stablecoin-focused project Frax (FRAX).
The whale movements come as cryptocurrency braces for new market conditions following the collapse of Silicon Valley Bank (SVB) and the depegging of crypto stablecoins USDC and DAI.
Yesterday, the Federal Reserve announced the creation of a new Bank Term Financing Program in an attempt to ease liquidity pressures and allow banks to meet the needs of their depositors.
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