$ 5.5 million: Ethereum Genesis Block Recipient displaces nearly 20,000 ETHs in Bitfinex

One recipient of over 314,000 ETHs, worth approximately $ 87.7 million, from the Ethereum gene block has transferred a total of 19,999,899 Ether (about $ 5.5 million) from its coffers to the popular exchange of cryptocurrency Bitfinex, which presumably means that the amount is set

The move was spotted for the first time by the California lawyer Zoe Dolan, who controls the portfolios with funds from the Genesis Block of Ethereum , who claims to monitor why he is looking for "capitulation".

yesterday a recipient of 93.750 ETH from the portfolio of the genesis block transferred 19.999.89936988 ETH on Bitfinex

tx hash: 0x0f287477b0adddf4612fadd79170bba35d2c3f17e7e0405772eb3e88534eb2e3

– Zoe Dolan (@ZoeJDolan) 23 August 2018

Blockchain da ta reveals the ETH whale that has just transferred the funds to Bitfinex, which in the past has transferred large quantities to an exchange. In May, its portfolio transferred a total of 116,500 Ether, worth about $ 32.5 million, to what appears to be Bitfinex after a series of transactions.

In particular, the nearly 20,000 ETHs sent to the cryptocurrency exchange may not be the end of Whale's sale, as they were part of a transaction that saw 93,750 ETH move from its portfolio. If the funds are sent to Bitfinex, the price of Ethereum could see new lows this year

At the time of printing, according to data from CryptoCompare, ETH is the second largest cryptocurrency from the cap market, since it is currently trading at $ 279.04, after an increase of 1.32% in the last 24-hour period. In particular, it is approaching a low from the start of the year, as it started in 2018 at around $ 900 and touched almost $ 1,400 before the crash.

The collapse of the cryptocurrency price is believed to have been fueled by projects funded by ICO. in the face of the bear market in the ecosystem crypto, panic has sold their ether in an attempt to preserve some of its value.

The transactions of this unknown whale at Bitfinex seem to show that long-term holders who take profits or leave the encrypted space can also be Behind. Despite the fall in prices, Messari co-founder Dan McArdle argued that the fundamentals of Ethereum have not changed, as the factors that could lead to its success have not changed.

For the co-founder of cryptocurrency Joseph Lubin, the price of Ethereum is influenced by "types of merchants" who continue to see their fortunes change along with their price. According to his words, the ETH infrastructure has grown, despite the decline.