One Whale Stakes 53,024 Ethereum! What is the meaning?

Bitcoin (BTC) The biggest with falling below $28,000 altcoin Ethereum It also fell below $1,800.

While $1,900 levels are now expected in ETH, a whale is worth $95 million ETH staked it.

Popular on-chain data platform lookonchain In his post today, a whale’s DeFi platform recently Abyss Finance 53,024 worth $95.5 million through Ethereum He announced that he was staking.

Looking at the whale’s wallet’s historical data, Lookonchain stated that this whale purchased its ETHs from various exchanges in 2017 and 2018 at an average cost of $368.

“A whale staked 53,024 Ethereum ($95.5M) 2 hours ago via Abyss Finance.

Looking at the on-chain data, we saw that this whale’s ETH was purchased in 2017 and 2018 from Poloniex, Gemini, Bittrex and other exchanges at an average cost of $368.”

A whale staked all 53,024 $ETH ($95.5M) through Abyss Finance 2 hrs ago.

Through on-chain data tracking, we found that the $ETH of the whale was bought from #Poloniex, #Gemini, #bittrex and other exchanges in 2017 and 2018, with an average buying cost of ~$368. pic.twitter.com/BgdOAOikNI

— Lookonchain (@lookonchain) March 31, 2023

What Does Staking Mean?

Staking refers to keeping a cryptocurrency in a cryptocurrency wallet for a period of time without spending it, transferring it, or using it for other transactions.

In this context, this whale is staking a large amount of Ethereum. ETH’It can also be interpreted as an uptrend.

*Not investment advice.