The cryptocurrency data tracker WhaleAlert said in a recent tweet that a large ETH whale had just transferred 15,000 ETH, or $34.8 million. The significant Ethereum transfer came from an unidentified wallet to the beacon depositor.
According to WhaleAlert, “15,008 ETH worth $34,878,151 transferred from unknown wallet to Beacon Depositor.”
https://x.com/whale_alert/status/1754511321402401030?s=20
The form of the deposit implies that the large ETH transfer may have been made for staking, even though the precise purpose is still unknown.
Through staking, users may lock up their ETH in return for incentives and the authority to approve network transactions. The Beacon Chain, a secondary blockchain that operates alongside the main Ethereum chain and manages the validators, is the platform for Ethereum staking.
According to data from Etherscan, more than 37.94 million ETH have been placed into Ethereum’s Beacon Chain staking contract thus far. At current pricing, the 37.94 million ETH amount is equivalent to over $87.934 billion.
In the last three weeks, around 510,000 ETH worth $1.22 billion have reportedly been removed from recognised cryptocurrency exchange wallets, according to a tweet published on February 4 by crypto analyst Ali.
According to Ali, this large outflow suggests that Ethereum holders are feeling strongly and that there may be less selling pressure on the market.
As of this writing, ETH has increased by 0.51% to $2313, up over the previous day. The most recent CoinShares report states that substantial inflows of $708 million were seen in digital asset investment products during the previous week, while $6.4 million was withdrew from Ethereum at the same period.
