One major player in the cryptocurrency industry has just moved 257,491 ETH — valued at almost $35M at the time of writing. The total fee for the Ethereum transaction was just $0.07.
One Ethereum whale in the market seems to be consolidating its funds in a major move that set off alarm bells. Whale Alert (@whale_alert) picked up on a $35M transfer earlier today, which entailed the movement of a whopping 257,491 ETH.
🚨 🚨 🚨 257,491 #ETH (34,854,870 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) November 25, 2019
The total fee for the transaction was a paltry $0.07 (0.000462 ETH). The fact that tens of millions of dollars can be transacting on Ethereum for pennies speaks to the strength of its network.
Details of the Ethereum Transaction
The recipient address appears to be relatively new, only being active for just a few months. The first transaction to the address was a mere ‘test’ of 0.2 ETH received. In the past few days, the whale was also sending small chunks of 1,300 ETH or so to the address — until finally sending a larger ETH stash this morning.
The sending address has been completely cleaned out of any remaining ether it has, but still holds over $178,000 in ERC-20 tokens.
The reactions to the transfer have largely been those of confusion and general ambivalence. (Just another day in the cryptocurrency market, it seems.)
Oh well it’s all going on and on or I mean down and down
— ukcrypto (@andrewukcrypto) November 25, 2019
Ethereum is currently trading at $143 at the time of writing, being down -4.5 percent on the daily. Although still boasting a healthy trading volume, Ethereum is in choppy territory.
The leading smart contract platform will also be undergoing a hard fork for its Istanbul update on Dec 4, the development team recently confirmed. Thus, we might expect further market turbulence as the hard fork date comes closer.
Images courtesy of Twitter, Shutterstock.