Massive Whale Withdraws 60K ETH From Bitfinex Amid Ethereum Price Uptick

A massive crypto whale has shifted a staggering amount of Ethereum (ETH), up to the tune of 60,000 from a centralized cryptocurrency exchange. This major move has sparked interest among market participants as it coincides with a notable price uptick.

Meanwhile, the global crypto market has experienced a significant recovery over the last 24 hours. At the time of writing, the total crypto market cap has jumped by 3.79% to $2.33 trillion. This comes following last week’s downward trend that saw huge amounts liquidated from the market.

While we await for the launch of spot Ethereum ETF possibly on July 8, large investors are making major moves. Let us look at this transaction in detail.

Whale Shifts $230 Million in ETH to Bitfinex

Spot-on-chain, an AI-based blockchain insight platform, reported earlier on X (formerly Twitter), that it had spotted a large amount of Ethereum changing hands. According to the report, a massive whale, likely Abraxas Capital, an asset management firm, withdrew 60,000 ETH (valued at $230 million) from the Hong Kong-based crypto exchange, Bitfinex.

Notably, the transaction was made at an average of $3,387 per coin. Following this, the price of Ethereum rallied by over 3%, thus signifying $6.274 million in unrealized profit for the whale.

Following the withdrawal, the whale deposited the ETH to Spark and borrowed $119 million in stablecoins. The stablecoins were immediately deposited to Binance, the largest cryptocurrency exchange by trade volume.

Interestingly, whales have been swapping other coins for Ethereum in anticipation of the spot Ethereum ETF launch. In a previous report, Coinfomania noted that a smart whale swapped 1.4 trillion PEPE (worth $18.01 million) for 2,646 ETH, valued at $9.04 million. The launch which was supposed to happen on July 4 was delayed and rescheduled for submission on July 8 by the Securities and Exchange Commission. Before then, the price of Ethereum might experience a further uptick as anticipation grows.

Ethereum (ETH) Price Today

Ethereum (ETH) has seen a healthy price jump over the last day. According to data from CoinMarketCap, ETH is currently trading at $3,482, representing a 2.77% increase. Additionally, its trading volume over the last 24 hours has surged by 49.33% to $10.3 billion. For ETH to continue this rally, it has to maintain a position above $3,500 at the end of the day’s trading, this can further push the price towards the $4,000 mark.

In the last 24 hours, Ethereum has traded between the lows and highs of $3,374.13 and $3,514.17. The current ETH price is notably down by 28.6% from its all-time high of $4,878 reached in November 2021.