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.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Mia Stendal