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Ethereum Whale Silently Moves over $102,000,000 in ETH, What Does This Mean for Crypto Market?

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VOC, Voice of Crypto, Ethereum

One of the largest holders of Ethereum just transferred 64,000 worth over 100 million dollars to an unknown wallet.

The deep-pocketed crypto holder transferred $102,134,766 worth of ETH to an unknown address that still holds the transferred assets at the time of writing. The crypto whale made a 15 ETH worth $23,988 transfer to the same wallet just 2 hrs after the first one.

According to the crypto analytics firm Santiment earlier this month, Ethereum whales started accumulating as the price of leading altcoin surged towards a new high.

Ethereum (ETH) Miners Accumulation Breaks 4-Year High

The most important event in the history of Ethereum, “The Merge,” is expected to launch in about 2 weeks, on September 15th. This event is making the community extremely hopeful lately, placing great faith that ETH will act as a strong pull to help the market recover. Besides, Ether miners have a similar sentiment as their ETH balance has hit a new high in the past four years.

According to data from blockchain analytics platform Oklink, the balance of all Ethereum miners has exceeded 260,000 ETH, with a total of 261,848 ETH worth more than $415 million at current market prices. The current number has broken the highest accumulation ever recorded in April 2018.

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Balance of all Ethereum miners as of August 31, 2022

Balance of all ETH miners as of August 31, 2022 | Source: Oklink

The increasing accumulation of ETH by miners is attributed to several fundamental factors, the first being that the bullish price prediction after The Merge seemed all too obvious. Next is related to the “war” of hard fork ETH into ETH Proof-of-Stake (ETHS) and ETH Proof-of-Work (ETHW).

The Merge at Work

Most ETH miners support the hard fork to keep the PoW chain alive and mining. Therefore, in the event of a hard fork, these miners holding ETH will also receive an airdrop of the forked token (ETHW). While the value of the fork token may not be appreciated compared to the main ETH chain (ETHS), it is nonetheless a substantial profit they benefit from.

In particular, the movement just mentioned has culminated with the emergence of a self-proclaimed project called EthereumPoW (ETHW), which claims to have positive miner support changes if the chain split is successful. However, EthereumPoW is being strongly criticized for wanting to freeze user assets after The Merge.

ETHW has now received support through the move of some popular exchanges such as Bitfinex, Poloniex, MEXC, and Huobi (under consideration). In contrast, Chainlink, USDC, Binance, FTX, Aave, OpenSea, and Vitalik Buterin all support ETHS.

However, although the signals are mostly from retail investors and miners who are “sure” with ETH, traders still have to be careful during this sensitive period. On-chain data signals that Ethereum whales continuously push large volumes of ETH onto the exchange before The Merge is triggered.

Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)

 

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Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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