Ethereum Whales Transfers Over 21K Coins Between Wallets, What is Happening?

Significant Ethereum transactions have been recorded transferring more than 21,000 ETH coins between blockchain wallets and crypto exchanges. These major movements have raised eyebrows particularly because they coincide with a notable ETH price rally.

When notable volume transactions are done, they sometimes affect the price of the respective token in the short term. This is why investors and market participants closely observe the price movement to see if the current rally will continue or stall.

Large Investors Move Over 21k ETH Coins

In a recent development, WhaleAlert, a popular blockchain transaction tracker, has reported several transactions carrying hefty amounts of Ethereum (ETH) coins in the last 24 hours. Sharing its report on X (formerly Twitter), WhaleAlert spotted that a large investor moved 8,366 ETH tokens (valued at $32,747,960) from the OKEx exchange to a wallet labeled ‘unknown.’ Notably, this was done about 2 hours ago from the time of writing.

Meanwhile, before that, another whale transferred a mouthwatering 13,080 ETH coins from an anonymous wallet to the centralized Coinbase exchange. The value of this transfer was recorded as $50,436,443 at the time.

When staggering amounts of crypto are shifted to CEXs, they sometimes indicate a selloff, where investors cash in on already realized profits. However, on the other hand, the accumulation of coins from exchanges to wallets sometimes signifies confidence when investors are stuffing their portfolios in hopes of an upward price movement in a particular cryptocurrency.

Almost 18k ETH Moved From Coinbase Institutional

Meanwhile, other large transactions involving Ethereum (ETH) were also reported by the aforementioned tracker. According to shared data, a series of transactions carrying at least 5,000 ETH tokens to Coinbase Institutional was done about 18 hours ago from press time.

The first one moved 5,969 ETH tokens from the above-mentioned exchange to an unidentified wallet. The value of this transaction at the time of initiation was $22,724,378. A few minutes later, the second transaction was initiated, moving 5,945 ETH (worth $22,663,907).

Finally, another 5,450 ETH coins (valued at $20,751,404) were moved from Coinbase Institutional to the same unknown wallet. Whale movements like these most recent activities, frequently lead to conjecture about market trends and possible price effects.

Ethereum (ETH) Price Movements Today

The price of ETH, the second-largest cryptocurrency by market cap has exhibited an impressive movement over the past 24 hours. According to data from CoinMarketCap, ETH is currently changing hands at $3,892, representing a 3.65% increase within the recorded time.

What is more, the activities surrounding the coin as recorded in its trading volume have surged by 89% to $18 billion over the last day, with a live market cap of $467 billion. Also, ETH has traded between the highs and lows of $3,755.90 – $3,931.79 in the last 24 hours. With a valuation of $13.2 billion, Ethereum’s open interest is currently at +9.92%. The RSI is at the 66.32 level, suggesting a possible bullish presence.