Giant Move from Ethereum Whale: He Invested Millions of ETH in the Protocol!

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According to on-chain data, a large amount of 13,500 was transferred from leading cryptocurrency exchange Bitfinex to an unknown wallet. Ethereum token transferred.

The transfer of a significant amount of Ethereum from Bitfinex to an unknown wallet has sparked speculation within the cryptocurrency community about the possibility of a whale purchasing ETH.

The transfer was spotted by Whale Alert, which tracks major cryptocurrency transactions, and reported as follows: “13,500 ETH worth $47,991,234 from Bitfinex to unknown wallet transferred.”

However, this process is the beginning of the whole spiral. According to other information from Etherscan, the whale deposited another 13,500 ETH into Spark Protocol, an emerging decentralized finance (DeFi) platform.

Spark Protocol is a DeFi lending platform leveraging Maker’s line of credit. By moving a significant amount of ETH to the Spark protocol, Whale may be positioning itself for participation in DeFi activities such as staking, lending or yield farming, which are becoming increasingly popular among investors looking to maximize their investment returns.

At the time of writing, ETH fell by 4.22% to $3,469 in the last 24 hours, in line with the recent fluctuations in the market.

Cryptocurrency analyst Ali Martinez suggests what could be the cruelest scenario for Ethereum: breaking the $3,400 support level. According to Ali, such a move could confirm the formation of a bear pennant on the daily chart and potentially trigger a major correction for ETH to $2,800.

In other news, Ethereum creator Vitalik Buterin, in a recent blog post, announced the next steps in his “Purge” roadmap for ETH, which includes the EIP-6780.


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