Ethereum Whale Abruptly Moves Over $250,000,000 in ETH As Markets Teeter – Here’s Where the Crypto Is Heading

An Ethereum (ETH) whale is quickly moving more than $250 million worth of ETH to the crypto exchange Bitfinex.

An unidentified wallet sent out 100,000 ETH worth more than $126.3 million to Bitfinex early Monday early morning, according to the blockchain-tracking platform Whale Alert.

Then, about 22 minutes later on, the exact same wallet sent out another 100,000 ETH to the exact same Bitfinex address.

Whale Alert likewise reported that a long-dormant ETH whale came to life on Monday. An unidentified wallet moved 499.99 ETH (worth more than $631,000) that had not been formerly relocated more than 7 years.

The wallet initially got 500 ETH from the Ethereum genesis block in 2015. It now holds about 0.001 Ethereum worth $1.48.

Previously today, popular crypto expert Benjamin Cowen anticipated that ETH would go back to its pre-bull run cost level.

States the trader,

“We have actually spoken about this throughout this year and the basic expectation is that Ethereum goes through a series of bull runs, however It eventually simply heads house at the end of the day which’s back to its logarithmic regression band fit to ‘non-bubble information’ and we’re sort of seeing that exact same pattern occur for the 5th time …

If you keep in mind back to 2018, the drawdown that Ethereum had had to do with 95% approximately. I’m not stating Ethereum is going to decrease 95%, however even if it decreased, state 87%, which is what Bitcoin decreased after its 95% bearishness, that would still put Ethereum at $600.”

ETH is trading at $1,264 sometimes of composing. The second-ranked crypto possession by market cap is up 0.06% in the previous 24 hr.

Included Image: Shutterstock/Mia Stendal