Recently, the ETH whales have been seen moving their holdings to on-exchange addresses with a recent drop in the holdings of non-exchange addresses. The movement can be owed to the upcoming Merge scheduled to happen this month.
According to the on-chain analytics firm Santiment, the Ethereum supply within top exchange addresses climbed as traders dumped their holdings onto large exchanges amidst the 2022 market decline.
In the most recent development, a crypto whale just transferred 64,000 Ethereum (ETH) worth over a hundred million dollars to an unknown wallet.
The deep-pocketed crypto holder transferred $102,134,766 worth of ETH to an unknown address, the blockchain tracking platform Whale Alert recently reported. The unknown wallet still holds the transferred assets at the time of writing.
Ethereum network explorer Etherscan disclosed that the depositing wallet is owned by the US arm of the world’s leading crypto exchange platform – Binance.
The initial big transaction was followed by another follow-up transaction to the same unknown wallet after two hours when it moved15 ETH worth $23,988.
Earlier this month, Crypto analytics firm Santiment revealed that Ethereum whales seemed to be accumulating ETH as the price of the leading altcoin surged to a new high since June. The price surge could be owed to the announcement of the ETH 2.0 Upgrade in September.
Notably, there has been activity in on-exchange addresses too. According to a report that recorded the activity over the last three months, there has been a drop of 11% in the assets of Ethereum in non-exchange addresses. During the same time, there was a whopping 78% increase in the holdings of whale on-exchange addresses.
ETH is currently making a transition for 1,545.73 USD, a 0.54% drop on the day.
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