Crypto
Ethereum Whale Unloads $408M Worth of ETH on Exchanges
A large Ethereum holder has made significant moves in the crypto market by transferring $408 million worth of ETH to exchanges over two days. The transfer involved deposits of 70,739 ETH recently and retaining 97,115 ETH, suggesting preparation for a potentially large-scale sale. However, other reasons like custody or collateral are also possible.
The implied price of ETH by these transfers is around $2,430, indicating potential short-term price pressure. If the remaining 97,115 ETH is also moved, it could double the current volume sent to exchanges, marking one of the largest ETH wallet flows this year.