Mysterious $738 Million Ethereum Whale Makes ‘Unconventional’ Market Moves

Sahana Kiran
Source – Unsplash

A mysterious Ethereum [ETH] whale has surfaced in the crypto market, drawing the interest of market watchers. This whale entails holdings worth more than $738 million and has been undertaking unorthodox actions. This includes significant sales of ETH, strategic buybacks, and transfers of assets across multiple exchanges.

During the period of 2016 to 2017, this whale managed to bag an astonishing 1.5 million ETH. However, on Dec. 1, 2018, they proceeded to transfer all of this amassed Ether. The substantial amount of ETH was divided into smaller portions of 37.5K ETH. This was then scattered across various wallets. Following this, these funds were consolidated into larger sums of 150K ETH each, and they have remained untouched since then.

While this move is quite bizarre, the whale’s latest actions caught the eye of the market. The whale transferred 450K ETH to an address linked to the crypto exchange Coinbase. This transaction raised queries, particularly due to the potential impact it could have on the ETH market if a significant amount were to be sold.

Ethereum whale: Theories and speculations take the front stage

The whale’s behavior has given rise to diverse speculations. Some suggest that the whale is intentionally manipulating the price of ETH, leveraging its large holdings to create market turbulence. Through this, it hopes to profit from price fluctuations. Others, however, propose a more benign motive, positing that the whale is merely seeking to diversify its cryptocurrency portfolio, taking advantage of market opportunities.

At this stage, it remains uncertain what the ultimate goals of this mysterious whale might be. Its ongoing actions continue to intrigue observers, and the subsequent weeks and months will shed light on the true nature of its intentions. The market will likely monitor the whale’s movements. While the whale’s true motives remain unknown, its actions have unquestionably left a lasting impact on the ETH market. At press time, ETH was trading for $1,744 with a 0.07% daily rise.