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Whales Abruptly Move Nearly $400,000,000 in Ethereum As Crypto Markets Plunge – Here’s Where the Crypto Is Going

by Daily Hodl Staff
June 6, 2023
in Ethereum, Trading

Whales are suddenly moving hundreds of thousands of Ethereum (ETH) as the crypto markets witness a serious sell-off event.

The blockchain-surveying service Whale Alert spotted a string of Ethereum transactions adding up to 353,579 ETH and worth almost $400 million.

One of the largest transactions in the past day involved a deep-pocketed investor abruptly relocating 149,999 ETH worth $276.16 million from a wallet of unknown origin to US-based crypto exchange Coinbase.

? ? ? ? ? ? ? ? ? ? 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 shows that the crypto whale paid about $3 in transaction fees to move the massive Ethereum stack.

A different entity also moved 149,999 ETH worth $276.16 million from an unknown wallet to Coinbase. The crypto whale shelled out a little over $3 for the transfer.

Whale Alert also reports three other large Ethereum transactions that saw the movement of tens of thousands of ETH from unknown wallets to Coinbase.

  • 18,752 ETH worth $33.91 million transferred from a wallet of unknown origin to Coinbase
  • 18,703 ETH worth $33.82 million transferred from a wallet of unknown origin to Coinbase
  • 16,126 ETH worth $29.86 million transferred from a wallet of unknown origin to Coinbase 

Since all of the ETH mentioned were moved to a crypto exchange, they could potentially be sold on the open market.

At time of writing, Ethereum is trading for $1,809, down nearly 4% in the last 24 hours.

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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.

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