Ethereum Whale Moves 10,000 ETH Off Gemini

What happened: An Ethereum (CRYPTO: ETH) whale sent $33,479,758 worth of Ethereum off Gemini. The ETH address associated with this transaction has been identified as: 0xe1801c406f0709cd272cc64877073965703056ed

What happened: An Ethereum (CRYPTO: ETH) whale sent $33,479,758 worth of Ethereum off Gemini.

The ETH address associated with this transaction has been identified as:

0xe1801c406f0709cd272cc64877073965703056ed

Why it matters: Whales typically send cryptocurrency from exchanges when planning to hold their investments for an extended period of time. Storing large amounts of money on an exchange presents an additional risk of theft, as exchange wallets are the most sought-after target for cryptocurrency hackers.

Ethereum whales that run their own validator nodes (costing 32 ETH each) must send their Ether to the Ethereum 2.0 beacon chain, which is then locked up until the launch of Ethereum 2.0 in 2022.

According to Glassnode, only 12.31% of the total supply remains liquid across all centralized exchanges.

The removal of ETH from an exchange reduces potential sell side pressure, allowing the price of Ether to increase more easily.

See Also: Best Crypto Apps 2021 and Best Crypto Portfolio Trackers

Price Action: Ethereum is down 0% in the past 24 hours.

See Also: How To Buy Ethereum

Public Blockchain data sourced from Whale Alerts Twitter.

This article was generated by Benzinga’s automated content engine and reviewed by an editor.

Total
0
Shares
Related Posts
Read More

A Peek Into The Markets: US Stock Futures Edge Lower Ahead Of Jobless Claims Data

Pre-open movers U.S. stock futures traded slightly lower in early pre-market trade after the Dow Jones climbed more than 200 points in the previous week Data on initial jobless claims, retail sales and Philadelphia Fed manufacturing index will be released at 8:30 a.m. ET. Data on business inventories for July will be released at 10:00 a.m. ET.

GROM