On-chain data indicates that a substantial 13,500 ETH movement from Bitfinex, a well-known cryptocurrency exchange, to an unidentified wallet has occurred.
The potential of a whale purchasing Ethereum has been speculated about in the cryptocurrency community following the significant quantity of Ethereum that was transferred from Bitfinex to an unidentified wallet.
Whale Alert, a service that monitors significant cryptocurrency transactions, saw and reported the transfer: “13,500 ETH worth $47,991,234 was transferred from Bitfinex to an unknown wallet.”
https://x.com/whale_alert/status/1774800009323524565?s=20
But this transaction is only the start of the tale. Further details from Etherscan indicate that the whale subsequently deposited the whole amount of 13,500 ETH to the newly-established decentralised finance (DeFi) network, Spark Protocol.
Maker’s credit line is utilised by SparkLend, a DeFi lending platform. The whale may be positioning itself to engage in DeFi activities like staking, lending, or yield farming by transferring a sizeable amount of ETH to the Spark protocol. These activities are becoming more and more well-liked among investors looking to optimise their returns on investment.
Ethereum price action
https://x.com/ali_charts/status/1774793622229025079?s=20
on keeping with the current market volatility, ETH has dropped 4.22% on the previous day to $3,469 at the time of writing.
The worst-case scenario for Ethereum at this point, according to cryptocurrency expert Ali, would be a break of the $3,400 support level. Such a move, in Ali’s opinion, might validate the creation of a bear pennant on the daily chart and perhaps lead to a significant fall in ETH, possibly down to $2,800.
In other developments, the founder of Ethereum, Vitalik Buterin, just revealed the next steps in the “Purge” plan for ETH, which includes EIP-6780, in a blog post.
The “Selfdestruct” opcode, which destroys the contract that invokes it and clears its code and storage such that it only functions if the contract was formed within the same transaction, is one of the ways that EIP-6780 streamlines the Ethereum protocol.
