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It’s been a good few days for cryptocurrency advocates. Not only has Bitcoin, the world’s largest cryptocurrency, soared to a height never seen since the bull run epic, but the market’s altcoins have also increased. Ethereum, the world’s largest altcoin, was among the cryptocurrencies to climb the charts, with ETH surpassing $ 500 yesterday.
However, dramatic price movements are often an invitation for whales to move funds. According to data compiled by Whale Alert, within hours of the aforementioned breach, some of the market’s ETH whales moved over $ 530 million worth of ETH between unknown wallets.
🚨 🚨 🚨 68,400 #ETH ($ 35,271,249) transferred from an unknown wallet to an unknown wallet
Tx: https://t.co/Os1ORglHpb
– Whale Alert (@whale_alert) November 21, 2020
🚨 🚨 🚨 🚨 81.730 #ETH ($ 42,145,020) transferred from an unknown wallet to an unknown wallet
Tx: https://t.co/l9S19EJFB1
– Whale Alert (@whale_alert) November 21, 2020
In fact, the aforementioned funds have been moved into a series of consecutive transactions, each worth between 60,000 and 80,000 ETH. At the time of writing, ETH was valued at $ 512, its highest price level since June 2018, and many analysts have predicted that ETH will rise further. Ergo, more whale movements can be expected.
Ethereum’s price movement comes at a propitious time for the community, especially as until recently it seemed like the deposit agreement was being filled at a slower pace than expected.
In fact, as reported by Dune Analytics, there are now over 180,000 ETH in the deposit agreement, with the last two days having seen deposits of over 40,000 each.
Source: Dune Analytics
Considering the opportunity cost of staking ETH 2.0 in the deposit agreement, ETH Whales was always expected to start betting closer to the November 24 deadline. It could be argued that the aforementioned ETH transactions have something to do with this, especially since the deposit agreement has now reached 33.85% of its target.
Indeed, in light of the capital unlocked by Uniswap earlier, Nansen data suggests that Whales may have withdrawn a significant amount of ETH from the Uniswap pools to send it to the ETH 2.0 deposit agreement.
The same was pointed out by developer Anthony Sassano who tweeted that a huge amount of ETH had been staked in the past 24 hours.
A huge amount of ETH has poured into the deposit agreement in the last 24 hours 👀 https://t.co/BL6RlW6ckJ
– Anthony Sassano | sassal.eth 🏴 (@ sassal0x) November 21, 2020
As these recent developments suggest, the community can expect a huge amount of ETH to be sent back to the deposit agreement in the coming days. As seen with ETH withdrawals from Uniswap, other protocols are likely to see an ETH exodus as users who have been waiting for the last possible moment to stake their ETH start doing so.
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