Ethereum
Ethereum Whale swallows 13,500 ETH on major crypto exchange
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According to on-chain data, a significant amount of 13,500 ETH was moved from Bitfinex, a major crypto exchange, to an unknown wallet.
The transfer of a significant quantity of Ethereum from Bitfinex to an unknown wallet has led to speculation within the cryptocurrency community about the possibility of a whale purchasing Ethereum.
The transfer was spotted and reported by Whale alerta service that tracks large cryptocurrency transactions: “13,500 ETH worth $47,991,234 was transferred from Bitfinex to an unknown wallet. »
This transaction is only the beginning of the story, however. According to other information obtained from Etherscanthe whale then deposited the entire sum – 13,500 ETH – into the Spark Protocol, an emerging decentralized finance (DeFi) platform.
SparkLend is a DeFi lending platform that leverages a Maker credit line. By moving the substantial sum of ETH to the Spark protocol, the whale could position itself to participate in DeFi activities such as staking, lending, or yield farming, which have become increasingly popular among investors seeking to maximize their return on investment.
Ethereum Price Action
At the time of writing, ETH was down 4.22% over the past 24 hours at $3,469, in line with recent market volatility.
Crypto analyst Ali suggests what could be the most brutal scenario for Ethereum right now: breaking through the $3,400 support level. According to Ali, such a move could confirm the formation of a bearish pennant on the daily chart, potentially triggering a major correction in ETH up to $2,800.
In other news, Ethereum creator Vitalik Buterin revealed in a recent blog post the next steps in the “Purge” roadmap for ETH, which includes EIP-6780.
EIP-6780 simplifies the Ethereum protocol by reducing the functionality of the “Selfdestruct” opcode, which destroys the contract that calls it and dumps its code and storage so that it only works if the contract was created during the same transaction.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. It pays special attention to cryptocurrency research, conducting comprehensive price analysis and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.