Crypto whales were on the move over the weekend as several large transactions worth over $350 million were spotted on the Ethereum (ETH) network.
First seen by blockchain-tracking service Whale Alert, a deep-pocketed Ethereum holder moved 120,874 ETH worth over $177.17 million from an unknown wallet to another unknown wallet.
Another Ethereum whale relocated 96,638 ETH worth over $141.81 million between two unidentified wallets about 45 minutes later.
? ? ? ? ? ? 96,638 #ETH (141,817,476 USD) transferred from unknown wallet to unknown wallethttps://t.co/NKfMeIqMVH
— Whale Alert (@whale_alert) March 12, 2023
A mere moments later, a third whale sent 26,636 ETH worth more than $39 million to crypto exchange Coinbase, where the crypto could potentially be sold on the open market.
Whale Alert also spotted a number of big altcoin transactions over the weekend, including the transfer of crypto assets to borrowing and lending protocol Aave (AAVE) and stablecoin-focused project Frax (FRAX).
- 65,000,000 CRV worth $55.70 million transferred from unknown wallet to unknown wallet
- 20,000,000 CRV worth $17.09 million transferred from unknown wallet to lending protocol Aave
- 20,205,417 FRAX worth $19.54 million transferred from unknown wallet to Frax
- 10,103,426 FRAX worth $9.74 million transferred from unknown wallet to Frax
The whale movements come as crypto braces for new market conditions following the collapse of Silicon Valley Bank (SVB) and the depegging of stablecoins USDC and DAI.
Yesterday, the Federal Reserve announced the creation of a new Bank Term Funding Program in an effort to ease liquidity pressures and allow banks to meet the needs of their depositors.
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