Ethereum whale scores a large deal on the market: buys $100 million and transfers to a private wallet
With a correction continuing in the cryptocurrency market, some traders and investors have decided to “buy down” to cover their losses when the market rallies or to make additional profits by buying low and selling high.
The whale-tier buy order
While the market did not reflect the large buying power that suddenly appeared earlier today, tracking services noticed a $100 million funds transfer immediately. According to the transaction page, a whale has transferred his funds from Gemini exchange to a private wallet.
The portfolio is currently worth $ 92 million after Ethereum lost 8% of its previously acquired value. The wallet is constantly sending and receiving funds, which may indicate that it is related to a project or even an exchange, but no such information has been confirmed.
With the increased volatility of the cryptocurrency market, whale trackers are now showing significantly more activity than previously. In addition to increased activity, the average value of each transaction rose up to 80%.
The majority of transactions published are foreign exchange outflows, indicating that selling pressure, in general, is currently coming from retail traders rather than institutional investors and whale addresses.
Ethereum’s market performance
While the largest cryptocurrency on the market is currently trading with a 16% weekly loss, Ethereum was showing more reliable market performance by losing only 12% in the same period of time.
At the time of going to press, Ethereum is trading at $ 3,957 and is even showing slight growth against Bitcoin. Some industry experts note the growing dominance of Ethereum over Bitcoin which has reached the highest values since the “ICO era” in 2017, when the coin’s dominance in the market reached 31%.
