Ethereum: Massive ETH Movements Amidst Crypto Sell-Off
Whales are currently witnessing a significant sell-off event in the crypto markets, leading to a sudden movement of hundreds of thousands of Ethereum (ETH).
Whale Alert, a service that monitors blockchain activities, has observed a series of Ethereum transactions totaling 353,579 ETH, equivalent to nearly $400 million.
One particular transaction, involving a wealthy investor who swiftly transferred 149,999 ETH valued at $276.16 million stood out. This transfer occurred from an undisclosed wallet to the US-based crypto exchange Coinbase.
Interestingly, the transaction fees for this substantial Ethereum transfer were only around $3, highlighting the efficiency of the process.
In a separate instance, another entity also moved 149,999 ETH worth $276.16 million from an unknown wallet to Coinbase, incurring a slightly higher fee of just over $3.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 149,999 #ETH (276,161,338 USD) transferred from unknown wallet to #Coinbasehttps://t.co/ETQxsjeoby
— Whale Alert (@whale_alert) June 5, 2023
Whale Alert also reported three additional notable Ethereum transactions involving the movement of tens of thousands of ETH from undisclosed wallets to Coinbase for 18,752 ETH, 18,703 ETH, and 16,126 ETH.
READ MORE: Binance’s Troubles Deepen: SEC Lawsuit Hits Largest Crypto Exchange
Since these ETH transfers were made to a crypto exchange, there is a possibility that they may be sold on the open market.
At the time of writing, Ethereum is currently trading at $1,809, experiencing a nearly 4% decline within the last 24 hours.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
