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Mysterious Wallet Moves 73,840 Ethereum to Huobi in One Transaction as ETH Dips 8%

Nellius Irene - The Crypto Basic
2022-09-07 07:08
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Mysterious Wallet Moves 73,840 ETH to Huobi in the Wake of ETH’s Upcoming Merge.

Popular crypto platform WhaleAlert has observed a large deposit of Ethereum on Huobi, one of the world’s largest cryptocurrency exchanges. The transaction, made just a few hours ago, amounted to 73,840 ETH, worth approximately $111 million at current prices. The identity of the wallet that made the transaction is unknown.
While it is not immediately clear why whales are trying to adopt selling, it comes at a time when there is a great deal of excitement and speculation surrounding Ethereum’s impending merger with its Beacon Chain, a PoS chain launched in Dec 2020. The long-awaited Merge is scheduled to take place within the next few days and is expected to be a significant catalyst for the growth of the Ethereum network.
Some experts believe ETH will boom in the wake of its upcoming Merge. If the price of Ethereum surged, the whales could see massive profits. This is not the first time large amounts of Ethereum have been transferred ahead of a major event. Just recently, an unknown whale moved 260,000 ETH (worth $434 million at the time) from Binance.
It’s still unclear what the purpose of these transactions is, but they could be related to speculative trading or even market manipulation. Either way, it’s yet another sign that big money.
The price of Ethereum has been on the rise in recent weeks in anticipation of the Merge. However, Ethereum is down nearly 8% in 24 hours to around $1,520, according to Coinmarketcap, as whale might be applying sell the news strategy.
With so much excitement and volatility surrounding the Merge, it’s no surprise that whales are making moves. Only time will tell the true motives behind these large ETH deposits. But one thing is for sure; the Merge will be a major event in the crypto world.
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