Large Ethereum addresses are still accumulating funds on the market
whale alert reports that nearly 20,000 ETH, or 55,719,034, has been moved between wallets as whales continue to accumulate the second largest cryptocurrency. Large Ethereum addresses are still accumulating funds in the market despite the cryptocurrency’s suppressed performance.
Per WhaleStats data, whales have been grabbing assets such as Ethereum, Shiba Inu, SAND and MANA in recent hours. Ethereum also ranks among the top 10 purchased by whales.
Simply defined, a whale is someone who owns a lot of cryptocurrencies or is otherwise a large holder. Two ETH transactions of FTM whales acquiring 450 ETH, or $1,234,386, and 392 ETH, or $1,062,426, were spotted on the blockchain.
U.Today previously reported substantial accumulation by whale addresses despite suppressed price performance. Per Santiment data, Ethereum’s billionaire addresses (holding 1 million to 10 million ETH) accumulated 2.2% more of the supply over the past six months despite the price correction.
Ethereum Merge launches on testnet
Ethereum merger spear on the Kiln testnet earlier, paving the way for the blockchain’s eventual transition to a proof-of-stake network, with network validators already producing post-merger blocks containing transactions.
The phrase “merge” refers to the deployment of Ethereum’s execution layer—the existing Ethereum proof-of-work network—to the “consensus layer” of the Beacon chain, which is Ethereum’s forthcoming proof-of-stake blockchain.
ETH developers say Kiln will be the final fusion testnet built before the existing public testnets are upgraded. Ether was trading hands at just over $2,797 at the time of writing, after an intraday spike to highs of $2,820.
