Lookonchain reports that a mysterious whale has been collecting a private altcoin since June 8. The deep-pocketed investor is likely preparing for the next big network surge.
Anonymous whale collects $125 million worth of altcoins in a month
On-chain researcher Lookonchain sheds light on anomalous whale transactions around Ethereum. A new report has highlighted a whale that has raised more than $125 million in ETH since June 8th. The said purchase provided a huge boost to the ETH price.
Since June 8, the wallet address “0x882…49732” has withdrawn a total of 64,400 ETH ($125 million) from exchanges. He then staked 36,640 ETH ($71 million), which accounted for 57% of the total transaction. Remarkably, the most recent withdrawal was 7,300 ETH ($14 million) this Friday.
According to the report, withdrawals took place in the last 44 days as follows. According to data from the Ethereum network on Etherscan:
- 20,000 ETH on June 8
- 6,500 ETH on June 23
- 8,100 ETH on June 27
- 15,500 ETH on 30 June
- 7,000 ETH on July 13
- 7,300 ETH on July 14
What is the whale preparing for?
The demand of large investors directly affects the price stability of coins. This class of investors usually tends to pre-buy bottom prices or major developments. The $125 million purchase could reassure other investors to follow a similar path.
Also, such a massive withdrawal thread sends a clear message that the anonymous whale has no plans to sell ETH. This is also a solid sign of support for the Ethereum network as a whole.
Cancun-Deneb hard fork approaching
Ethereum developers recently announced a new upgrade called Cancun-Deneb. The upgrade is expected to take effect in the 3rd or 4th quarter of 2023. cryptocoin.com In this article, we have included what you need to know about Cancun-Deneb. Tim Beiko, one of the Ethereum developers, says that Cancun will be the biggest step forward after the Merge rise in September 2020.
How about the leading altcoin?
Messari recently published a new report on Ethereum’s Q2 performance. According to his report, Ethereum’s network activity remained fairly consistent last quarter compared to the first quarter of the year. In the first quarter, Ethereum had an average of 0.42 million addresses per day, while in the second quarter it dropped slightly to 0.41 million.
However, the average number of daily transactions remained the same at 1.05 million in both Q1 and Q2. Additionally, Blockchain has witnessed an overall growth as the total number of unique addresses has increased from 227 million to 237 million in the last three months.
Meanwhile, after the Shaphela upgrade, many were expecting ETH staking to witness a drop. However, the opposite turned out to be true. May and June saw the highest and second highest monthly net inflows to the staking contract, respectively. The anonymous whale named “0x882…49732” reported by Lookonchain also keeps up with this trend.
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