Ethereum, the world’s second-largest cryptocurrency, reached an all-time high of $1,470 today after a massive rally. ETH whales are transferring a significant amount to digital exchanges and unknown wallets. A total of 5 ETH transactions involving nearly 100,000 Ethereum were highlighted in the last 24 hours.
According to the data published by Whale Alert, a blockchain tracker and analytics company, unknown Ethereum whales transferred more than 46,000 ETH in two separate transactions from crypto exchange Binance to unknown wallets.
The tracker showed that 9,000 Ethereum were transferred from Crypto.com to an unidentified wallet. Another transfer involving 25,450 ETH was recorded when an unidentified user transferred the cryptocurrency worth nearly $35 million to another unknown crypto wallet. The movement of 19,000 ETH was also reported to an unidentified wallet.
The total value of the mentioned transactions stands at around $140 million. Over the weekend, a significant transaction was recorded when 57,625 Ethereum were transferred from Bitfinex to an unknown wallet. The price of Ethereum jumped nearly 100% since the start of 2021. The recent transfers from major crypto exchanges indicate that ETH whales are planning to accumulate the cryptocurrency to create a potential supply shortage of the world’s second-largest crypto asset.
The outflow of Ethereum from major digital exchanges has been evident for the last few days as a massive amount of ETH has already left cryptocurrency exchanges. According to a crypto analytic company, Glassnode, ETH accumulation is on the rise as the Ethereum balance on prominent exchanges fell 4.5% since last week. Apart from Ethereum, other crypto-assets like TRX and LINK were involved in prominent transactions. One of the key reasons behind the recent moves is a significant rise in the price of Altcoins. Furthermore, Ethereum, Polkadot, Cardano, Stellar, Litecoin, Chainlink and Bitcoin Cash, all are up in double-digits since last week, compared to a 10% drop in BTC price. Crypto whales are accumulating digital assets to diminish supply.