Ethereum whales have started to move the world’s second most valuable digital asset significantly amid market volatility. ETH dropped to around $1,700 yesterday, hitting its lowest level since March 2021.
A major Ethereum wallet transferred 81,760 ETH from a digital wallet to the cryptocurrency exchange Binance, according to the latest data released by Whale Alert, the leading crypto analytics and blockchain tracking platform. According to the current price of Ethereum, the total value of the transaction is around $160 million.
The said transfer took place on Tuesday, June 22. This Ethereum transfer was highlighted by Etherescan. During the most recent market volatility, the number of transfers made by whale Ethereum investors had increased significantly.
Crypto analytics firm Santiment tweeted, “Ethereum’s top 10 over-the-counter whales continue to hold record levels of ETH. It remains bullish despite falling below $1,900 on Monday. Meanwhile, whale investment in the top 10 exchanges continues, which means there is less likelihood of further selling,” he said.
Santiment added that the top 10 Ethereum addresses currently hold more than 19.5 million coins.
While ETH is currently facing challenges in the downward movement of the crypto market, the 2.0’s update is steadily attracting massive amounts of ETH. According to Etherescan, the investment locked in Ethereum 2.0 (the network upgrade of ETH) currently has more than 5.7 million coins with a total value of over $11.5 billion. The ETH 2.0 contract crossed 5 million ETH for the first time in May 2021. The increase in the total amount locked indicates that the improvement in the existing proof-of-work network of the ETH community fully supports the upgrade.
Ethereum is trading around $2,000 with a market cap of over $230 billion. The current market dominance of ETH, the world’s second largest digital currency, has dropped to 17%, down from its May 2021 high of 19%.