Whale Moves 130,000 Ethereum Worth $359,000,000 – Here’s Where the Crypto Is Going

An Ethereum whale is moving a virtual mountain of the second largest asset by market cap amid a sharp market-wide correction.

On Thursday, just a day after Ethereum crashed to the low $2,000 range, on-chain tracker Whale Alert picked up on a large ETH transaction, which sent 130,000 ETH or roughly $359,679,594 million from an unknown wallet to another unknown wallet.

The wallet receiving 130,000 ETH briefly became the 115th richest Ethereum wallet in existence after receiving the large sum, but sent 110,000 of the 130,000 ETH away almost immediately.

The recipient of the 110,000 ETH then quickly transferred the entire sum to a wallet on the crypto banking platform Celsius Network.

The sending address still holds over $25 million worth of Ethereum (ETH) in its wallet and over $300 million worth of other ERC20 tokens. The sending whale also received almost 70,000 ETH worth almost $200 million just a few hours before sending away a vast portion of its Ethereum trove.

The original wallet’s top holdings are decentralized finance (DeFi) assets Eth-wrapped Compound (COMP), Synthetix (SNX) and Compound UNI (CUNI).

Ethereum, like most of the crypto market, has lost much of its value in the past week, dropping from a seven-day high of $4,143 to a low of $2,212, according to CoinGecko.

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Featured Image: Shutterstock/cinzia murgia