As Ethereum hit a new record, whales moved enormous amounts of ether, totaling over $ 1 billion.
Over the past 16 hours, popular crypto tracking service Whale Alert detected several transactions, carrying astounding amounts of Ethereum.
Meanwhile, eight hours ago, the second largest cryptocurrency, ETH, hit a new all-time high of $ 4,400. The previous all-time high was reached by the coin in May, also above the $4,000 level—$4,379.62.
Whales move over $ 1 billion in ETH as coin hits ATH
Nine transfers carried 250,964 Ethers, for a total of $ 1.118 billion in fiat, when Ethereum hit its lifetime price peak of $ 4,400.
The largest transaction bore 51,837 ETH ($224,934,548). The other transfers increased from 20,000 to 40,000 ethers.
The transactions were mainly made by anonymous whales, but some of those ETH lumps were sent by leading crypto exchanges Binance, Gemini and Bithumb.
At the time of going to press, the 250,964 Ethers transferred are worth $ 1,093,691,073.44, as ETH has gone down a bit.
Ethereum’s ATH reached after largest ETH circulation day
According to a tweet posted by popular analytics data vendor Santiment, one of the reasons for Ethereum hitting a new all-time high of $4,400 is a whopping large token circulation output day—1.74 million ETH seen on Tuesday.
Santiment analysts believe this has created a bullish divergence. Overall, onchain metric data seem pretty healthy for Ethereum at the moment.
At the time of going to press, the second largest currency is priced at $ 4,345 with a market cap of $ 513,329,110,323.
Other reasons for ETH’s recent ATH
Overall, Ethereum has greatly outpaced Bitcoin this year, staging a 6x increase, while both retail and institutional investors showed a rising interest in ETH.
In addition, the Ethereum network has been strengthened by a recent major upgrade, Altair. This upgrade was designed to increase the speed of operations on the network and make it consume less energy.
