Whales move over half a billion worth of ETH as it crosses $500

Ethereum whales have initiated a series of transaction totalling $535 million in the wake of ETH crossing and trading above $500 for the first time in over two years.

By · Nov 23, 2020 . 5min read

ETH crosses $500 latest news

Ethereum whales have initiated a series of transaction totalling $535 million in the wake of ETH crossing and trading above $500 for the first in over two years.

Whale Alert notifications on Twitter shows that whales moved at least 1,059,405 ETH into unmarked Ethereum addresses. As most Ethereum addresses for exchanges are marked, these whales ETH movement clearly weren’t on to exchanges. At least not the recognized exchanges out there like Binance, Bitfinex etc.

Whales move over half a billion worth of ETH as it crosses $500

As these ETH movements appear to have surfaced as Ethereum climbs over $500, data shows that ETH since June this year, ETH in smart contracts have been continuously on the rise. For instance, data for Glassnode shows ETH holders have been migrating their token from exchanges to DeFi smart contracts. Since June, ETH flowing into smart contracts increased from 11% to 17%.

Meanwhile, ETH exchange balance went from 19,000 ETH to 15,500 ETH, declining over the months. Clearly indicative holders may be opting to hold in other wallets or moving them into smart contracts.

Whales move over half a billion worth of ETH as it crosses $500
Source: Anthony Sassano Twitter

Although Bitcoin has been making power moves jumping price levels within days, at the current rate of $18,460, it’s just 6% from its all-time high. Ethereum, on the other hand, is currently trading $581, a 7.8% price uptick in 24 hours. At its all-time high, ETH was trading at $1,353 on January 9th of 2018. It means ETH price is still 57% down from its all-time high.

Could the Whales ETH movement have moved into Eth 2.0 deposit contract?

Ethereum’s transition move to proof-of-stake took a surge yesterday as the ETH deposited on Eth 2.0 deposited contract spiked. Within the last three days, 169696 ETH flowed into the deposit contract.

Whales move over half a billion worth of ETH as it crosses $500
ETH deposited into Eth 2.0 contract address

At the current rate, contract deposit has now received at least 274,944 ETH summing up to 52.49% of the Beacon Chain trigger target. As validators continue to lock up ETH, this may keep the bullish trend up.

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