Major investors have moved 700,000 ETH, equivalent to $182 million, to cryptocurrency exchanges over the past three days. Analysts believe that the “whales” are preparing for an upward movement in the price of ETH.
According to the analytical resource Santiment, the movement of 700,000 ETH in the amount of $182.7 million coincided with a decrease in the total balance of OTC wallets by about the same figure. This suggests that “whales” may be preparing for a mass sale or trade of ETH in anticipation of the growth of the cryptocurrency exchange rate.
“Over the past three days, one hundred of the largest “whales” have moved almost 700,000 ETH. During this time, the combined balance of the one hundred largest OTC ETH addresses decreased by almost 700,000 ETH or approximately $182.7 million. This can probably be considered a preparation for the growth of the cryptocurrency price,” analysts said.
In recent weeks, the industry’s attention has been focused on Ethereum. This is due to two main factors – a boom industry DeFi, the largest products which is based on Ethereum, and the imminent deployment of new updates Ethereum 2.0. These trends can contribute to the growth of ETH – in recent days the price of bitcoin has increased by 8.4% and reached $263, according to CoinMarketCap.
Recall that yesterday, the developer of Ethereum, Danny Ryan, announced that the final version of the Ethereum 2.0 test network will be launched on August 4. The launch of the main network is scheduled for November 4. In addition, at the beginning of the week, the total market capitalization of stablecoins reached $12 billion. At the same time, according to the analytical company Messari, Ethereum accounts for more than 85% of the transaction value of all issued stablecoins.
Recently, it also became known that the volume of crypto assets blocked in DeFi applications reached $3 billion. The combination of these and other factors could lead to the fact that “whales” began to prepare for an increase in the price of cryptocurrency and move ETH to exchanges.