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Crypto Whales Move $90 Million Ethereum

While the crypto market remains in a downtrend, crypto whales are playing the market for capital gains. They are doing this by taking entry positions where they believe huge profits can quickly be made before the market resumes its uptrend season. Others are playing the market by taking extra positions to increase their capital gains.

Whales Squeezing Hard On Ethereum

The positions the whales have taken so far have not affected the market significantly. However, there is a concern that $100 million trade activities today mean that a whale moved 24 thousand ETH to a wallet that cannot be identified right now. 

The huge ETH buy order had little influence on the market, but Whale Alert, which analyzes large crypto transactions, saw a $100m deal today. A crypto giant shifted 24K ETH from Gemini to an unknown wallet.

Whale Alert detected this wallet has been transacting ETH, indicating it may be owned by exchange or project; but the analytics firm couldn’t confirm. Despite Whale Alert’s claim that the transaction is worth over $100m, ETH has dropped 8.5 percent of its value since then. As a result, the 24K ETH is now worth $91.9m.

The crypto market’s extreme volatility has prompted crypto whales to use their wallets. Analysts found that these whales’ crypto transactions climbed by 85%. In other words, most of the sell transactions are from retail traders, not institutional investors or crypto whales.

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It is believed that an exchange or investors are likely behind this huge move that has since caused ETH to trade at a loss of 8.5%. Crypto market volatility is another reason crypto whales enjoy a level playing ground, allowing them to move digital assets to safe wallets. They are not the only ones taking advantage of the marketplace. The trading charts show that the majority of the sell orders on exchanges come from retail traders, not whales and “moneybag” investors.

Time for Another Ethereum Hard Fork

Due to the increasing volatility, the Ethereum team is planning on a huge update to tackle the unpredictable volatility of their digital platform. The objective of the update is to debug underlying protocols, which will happen in two folds. The first is to update the difficulty bomb, followed by the ice age.

These updates initially planned for December 8, 2021, might happen a day earlier. The first update will prevent miners from creating new blocks. The ice age upgrade might be stalled because the incentive mechanism POW was recently changed to POS, hence, the ice age upgrade is applied after miners had completed issuing blocks.

Future Changes

Since December 3, the cryptocurrency market has been generally pessimistic. Just recently, the market has been showing recovery signs. An indication that is likely to be shaken by the rapid propagation of a new COVID-19 variation. There is also a chance that the lukewarm approach of the Fed on the crypto market might increase volatility in the crypto market. Without positive backing from regulators, the crypto market will continue to experience a nosedive. ETH has already fallen below $4.09K, and unless a strong reversal occurs, it is expected to test the next two critical supports at $3.89K and $3.73K in the coming trading sessions.

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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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