© Reuters. Crypto Whale Just Moved $25M Worth Of Ethereum (ETH) Off BitfinexBenzinga – What happened: An (CRYPTO: ETH) whale sent $25,545,042 worth of Ethereum off Bitfinex.
The ETH address associated with this transaction has been identified as:
0xbe8fe56063aa85014ea674db171dcba015c3a4d4
Why it matters: Whales typically send cryptocurrency from exchanges when planning to hold their investments for an extended period of time. Storing large amounts of money on an exchange presents an additional risk of theft, as exchange wallets are the most sought-after target for cryptocurrency hackers.
Ethereum whales that run their own validator nodes (costing 32 ETH each) must send their Ether to the Ethereum 2.0 beacon chain, which is then locked up until the launch of Ethereum 2.0 in 2022.
According to Glassnode, only 15.75% of the total supply remains liquid across all centralized exchanges.
The removal of ETH from an exchange reduces potential sell side pressure, allowing the price of Ether to increase more easily.
Price Action: Ethereum is down -1% in the past 24 hours.
Public Blockchain data sourced from Whale Alerts Twitter.
This article was generated by Benzinga’s automated content engine and reviewed by an editor.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
