Crypto Whale Just Withdrew $42 Million Of Ethereum (ETH) From Bitfinex

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Crypto Whale Just Withdrew $42 Million Of Ethereum (ETH) From Bitfinex

What happened: An Ethereum ETH/USD whale sent $42,023,929 worth of Ethereum off Bitfinex.

The ETH address associated with this transaction has been identified as:

0x3f7e77b627676763997344a1ad71acb765fc8ac5

Why is this important: Whales typically send cryptocurrency from exchanges when they plan to hold their investments for an extended period of time. Storing large sums of money on an exchange presents an additional risk of theft, as exchange wallets are the most sought-after target for cryptocurrency hackers.

Ethereum whales that run their own validator nodes (costing 32 ETH each) must send their Ether to the Ethereum 2.0 beacon chain, which is then locked until the launch of Ethereum 2.0 in 2022.

According glass knotonly 17.8% of the total supply remains liquid on all the centralized exchanges.

Removing ETH from an exchange reduces potential sell-side pressure, allowing the price of Ether to rise more easily.

See also: Best Crypto Apps 2021 and Best Crypto Wallet Trackers

Price action: Ethereum is up 4% in the past 24 hours.

See also: How to buy Ethereum

Public Blockchain Data from Twitter Whale Alerts.

This article was generated by Benzinga’s automated content engine and reviewed by an editor.

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