Unknown Whale Stakes Over 20k ETH Tokens, Igniting Optimism

An unknown Ethereum whale has created optimism in the crypto market after staking a significant 20,000 ETH tokens today. The move which comes amid the global crypto market recovery underlines investors’ confidence and positive sentiment.

The majority of the global crypto market is ending the week in the green zone as depicted in the CoinMarketCap heat map. According to CMC data, the total crypto market cap has increased by 2.61% in the last 24 hours to $2.35 trillion. Additionally, the total trading volume in the market over the last day has surged by an impressive 11% to $113.3 billion. Stablecoins consist of 93% of the entire volume, now  $106.15 billion.

Significantly, the price of ETH dropped as low as 2,868.80 over the last day, coinciding with the pre-halving corrections and the geopolitical crises between Israel and Iran. But with bulls supporting the token and today’s impending halving adding to the excitement, ETH looks to be causing bullish waves to break out throughout the huge ocean of cryptocurrencies as its price is beginning to rise.

Ethereum Whale Stakes Large

Meanwhile, an anonymous Ethereum whale withdrew a massive 1,214 ETH tokens (valued at approximately $3.7 million) today from Binance, the largest crypto exchange by trade volume. Following this, the whales’ total ETH accumulations amounted to 20,545 tokens.

Subsequently, the unknown whale moved all the tokens to a wallet labeled ‘0xCbF,’ signifying intent to stake the tokens on Beacon Chain, the foundational component of the Ethereum 2.0 proof-of-stake (PoS) consensus mechanism. The move which has ignited optimism in ETH further underscores investor’s confidence in the long-term value of ETH.

Ethereum (ETH) Price Reaction

Meanwhile, Ethereum has demonstrated an impressive price movement today. According to CoinMarketCap data, Ethereum is currently trading at $3,105 representing a 1.67% increase in the last 24 hours. What is more, activities surrounding ETH, as depicted in its trading volume have surged by 5.38% within the recorded period to $20.4 billion with a live market cap of $372.7 billion.

In hindsight, ETH has dropped by 12% in the last seven days and about 5.19% over the last month. Additionally, Coinglass data shows an increase in open interest of almost 5% alongside a similar surge in derivative volume.