$31 Million of Ethereum Deposited to Single Wallet
Ethereum (ETH) up 16% for the week after massive withdrawal removes 11,999 ETH.
That withdrawal was attributed to a single wallet, making this a whale move that could have major effects on the price of Ethereum. ETH climbed 2.63% Wednesday, with the withdrawal happening the same day.
Ethereum is up 16.07% over the last seven days and is sitting at $2,753 (ETH/USD) at the time of the writing. Over the last 24 hours, Ethereum’s trade volume has dropped 9.7%.
Whale Alert, which tracks large cryptocurrency money movements, noticed the transaction and reported on it. There is speculation now as to why the money was moved and if crypto whales might be accumulating large amounts of ETH for some unknown reason.
What is even more interesting is that the wallet to which the money was transferred has not been used for almost nine years. It has been dormant for all that time and only held 100 ETH until Wednesday’s transfer. The strangeness of this move has baffled the industry and made Ethereum a crypto to watch even closer.
The Wider Market
Bitcoin’s (BTC) rate is up today 5.17 % for the day and 19.8% for the week. The primary cryptocurrency token is making headlines today for passing $1 trillion in its market cap, which may give it a publicity boost over Ethereum that will propel the coin even further ahead of its direct rival.
Solana (SOL) is up as well, having gained 5.59% for Wednesday. BNB (BNB) is also gaining, adding 3.27% for the day.
The overall crypt market is doing well and making February a strong month so far for the industry. Both Ethereum and Bitcoin have demonstrated great stability for the year so far, which could indicate a surge to all-time highs later on in the year. The crypto market has shifted from a “fear” sentiment over to “greed” in the last couple months, which means increased activity for the time being.
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