Market watchers are interested in a strange Ethereum [ETH] whale that has appeared in the cryptocurrency market. This whale has been acting unusually and has holdings worth more than $738 million. This includes significant sales of ETH, deliberate buybacks, and asset swaps between other exchanges.
This whale earned an astounding 1.5 million ETH between 2016 and 2017. On Dec. 1, 2018, they started transferring all of this accumulated Ether. The significant sum of ETH was divided into 37.5K smaller parts. Then, this was dispersed across numerous wallets. These funds were later combined into larger sums, each equaling 150K ETH, and they haven’t changed since.
The market took notice of the whale’s most recent activities despite the fact that this move is extremely unusual. The whale sent 450K ETH to an address connected to the Coinbase cryptocurrency exchange. Questions were raised about this transaction, especially in light of the possible effects it would have on the ETH market if a sizeable portion were to be sold.
Whale Intentionally Manipulating Ethereum Price?
Numerous theories have been proposed in response to the whale’s behaviour. Some claim that the whale is purposefully manipulating the price of ETH by using the size of its holdings to stir up the market. It intends to benefit from price swings in this way. Others, on the other hand, argue that the whale’s motivations are more benign, and that it simply wants to diversify its bitcoin holdings while taking advantage of market opportunities.
What the long-term objectives of this enigmatic whale may be are still unknown at this point. The following weeks and months will reveal the exact nature of its ambitions as spectators continue to be intrigued by its actions. The market will probably keep track of the whale’s whereabouts. The whale’s exact intentions are still a mystery, but there is no doubt that its actions have had a long-lasting effect on the Ethereum market. At the time of writing, Ethereum was priced at $1,642.40 with a daily drop of 5.61%.