Unidentified Whales and Leading Crypto Platforms Move 214,861 Ether
In their usual fashion, whales and leading crypto exchanges moved 214,861 Ether on Saturday, crypto activity tracking service, Whale Alert reported. The amount of Ether transferred is reportedly valued at $706 million representing one of the biggest Ether transfers in a day. Whale Alert equally reported that the whole ETH was moved in ten whopping and separate transactions.
While the crypto exchanges that partook in the huge transfers have been identified by Whale Alert, the whales involved remain anonymous owing to the cryptic nature of cryptocurrencies. Whale Alert revealed leading crypto platforms such as Binance, Gemini, Kucoin as some exchanges which moved huge portions of Ether.
Between 51,300 ETH and 43,000 Transferred Ten Times
Ten transfers between 51,300 ETH and 42,839 ETH were done, bringing the total amount of Ether moved to roughly 214,861 excluding smaller portions of Ether transfers. However, Whale Alert did not state where the huge Ether in each transaction was moved, nor did it disclose why they were transferred.
The unidentified whales likely moved the ETH in their possession to cold storage wallets as they prepare for the much-anticipated bull run. As of Friday, cryptocurrencies had suddenly surged giving rise to speculations that the run had begun. Last month started as eventful for the crypto market until things nosedived from mid-September down to the latter part.
As of press time, Ether had crossed $3k after losing it earlier this week and was ranging at the $3,200 region. The close-of-the-week surge is led by benchmark cryptocurrency Bitcoin which in a short and sudden move rose from $42k to a little above $48k.
Up to 400,000 Ether Burned in Q3, 2021 As Ethereum Nears PoS Transition
In a related report, some big players like Mark Cuban reported on Friday that the amount of burned ETH had increased to more than 400,000 Ether during the third quarter of the year. That amount of Ether is valued at roughly $1.35 billion.
The burning capability of Ether is a new feature that arrived with certain upgrades that took place on the blockchain in August. Ether’s burn feature is also part of the planned transition to a proof-of-stake model titled Eth2.0. The complete integration is poised to fully occur in 2022.
Additionally, the series of upgrades conceptualized as the London Hardfork has made Ether a deflationary asset even though the largest altcoin lacks a supply cap. Notwithstanding, the burning mechanism is aimed at reducing the circulating supply of Ether and making it live up to the title ‘ultrasound money’ both in terms of utility and price. Much of the Ether burned has been caused by the spiking activities in the decentralized finance and NFT sectors.
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