Ethereum Whale Abruptly Moves Over $250,000,000 in ETH As Markets Teeter – Here’s Where the Crypto Is Heading

An Ethereum (ETH) whale is abruptly transferring more than $250 million worth of ETH to the crypto exchange Bitfinex.

An unknown wallet sent 100,000 ETH worth more than $126.3 million to Bitfinex early Monday morning, according to the blockchain-tracking platform Whale Alert.

Then, about 22 minutes later, the same wallet sent another 100,000 ETH to the same Bitfinex address.

Whale Alert also reported that a long-dormant ETH whale came to life on Monday. An unknown wallet moved 499.99 ETH (worth more than $631,000) that hadn’t been previously moved in more than seven years.

The wallet first received 500 ETH from the Ethereum genesis block in 2015. It now holds about 0.001 Ethereum worth $1.48.

Earlier this week, popular crypto analyst Benjamin Cowen predicted that ETH would return to its pre-bull run price level.

Says the trader,

“We’ve talked about this throughout this year and the general expectation is that Ethereum goes through a series of bull runs, but It ultimately just heads home at the end of the day and that’s back to its logarithmic regression band fit to ‘non-bubble data’ and we’re sort of seeing that same trend take place for the fifth time…

If you remember back to 2018, the drawdown that Ethereum had was about 95% or so. I’m not saying Ethereum is going to go down 95%, but even if it went down, say 87%, which is what Bitcoin went down after its 95% bear market, that would still put Ethereum at $600.”

ETH is trading at $1,264 at time of writing. The second-ranked crypto asset by market cap is up 0.06% in the past 24 hours.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Mia Stendal