Several transactions carrying huge amounts of ETH totaling almost 240k have been spotted moving to top crypto exchanges. The moves coincide with a price correction after a recent surge.
Over the last 24 hours, staggering amounts of Ethereum (ETH) have been deposited across several popular cryptocurrency exchanges. WhaleAlert, a crypto large transaction tracker, has reported nearly 240 thousand ETH tokens changing hands within this period.
According to the tracker, these transfers were carried out across almost 12 transactions, and the destination of the majority of the transfers was leading crypto exchanges.
Nearly 240,000 ETH sent to top exchanges
Per WhaleAlert data, unknown whales have been moving lump sums of Ethereum tokens to top crypto exchanges including Binance, Coinbase, and Bitfinex.
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In addition, these transfers varied between 14,322 ETH and 83,200 ETH. The transaction carrying 83k ETH tokens (worth $196.7 million) was sent from Binance to Binance Baecon Deposit.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 83,200 #ETH (196,775,043 USD) transferred from #Binance to Binance Beacon Deposithttps://t.co/U1F7qaAJhG
— Whale Alert (@whale_alert) February 7, 2024
Furthermore, a transaction between two unknown wallets carrying 49,999 ETH (valued at $118,474,142) was also spotted. The rest of the transfers were sent to the aforementioned crypto exchanges from wallets labeled as “unknown.”
The total fiat value of all the transactions equals a staggering $518,691,800 ($518.6 million). When cryptocurrencies are moved in large sums like this, it raises concerns across the entire crypto community. Speculations begin to brew as to the reasons behind the actions.
The whales involved may be cashing out on their accumulated gains or simply moving their holdings to different wallets.
Ethereum might rally to $3,500 soon
Meanwhile, Michael van de Poppe – a popular crypto analyst on X (formerly Twitter) has shared his analysis for Ethereum. According to him, Ethereum might be gearing up for a rally to $3,500.
Per his analysis, Ethereum might soon unleash its potential and become a major market mover. For this reason, Poppe admits that he has allocated funds for this surge.
Since the beginning of the week, Ethereum has surged by over 4% raising its price to $2,380 per Coinstats data. The majority of the popular crypto analysts in the market believe that ETH will hit and surpass a price of $4,000 in 2024.
According to predictions by some, Ethereum will hit this price on May 23 since it is the same day when the United States SEC is likely to approve a spot Ethereum ETF.
Validity in the predictions is yet to be seen, but in the meantime, large investors will begin accumulating large amounts of ETH by transferring them to hardware wallets.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.