Ethereum’s Vitalik Buterin Is Aggressively Moving His Funds
Over the course of the past 20 days, Vitalik Buterin, the founder of Ethereum, has moved about $12 million worth of cryptocurrency between his several wallets. According to the findings of LookOnChain’s investigation, the “whale” address that ends in 0x9e92 and has received 9,300 ETH in the past 20 days may be connected in some way to the person who created the cryptocurrency.
The recipient of the payments is most likely Vitalik, given the receiving address, which ends in “0xd04d,” has only received money from the wallet known as Vb3 so far, says LookOnChain.
Following the completion of the transaction, the whale now possesses a total of 170,913 ETH, which has a value of around $265.3 million at press time. The history of the transaction does not indicate any activity that would lead us to believe that the whale is in fact connected to a certain exchange or operates as an unregulated counter.
Why is Vitalik Selling His Ethereum Holdings?
There does not seem to be any particular reason for Vitalik to be selling his crypto assets; but, in the past, we have seen that this has a negative influence on the price of Ethereum.
This is due to the fact that there are users, traders, and investors in crypto that follow him on social media and keep tabs on what he does. This action may cause a widespread pessimistic outlook, which, in turn, will have a negative impact on the price of Ether.
In the last few weeks, the second biggest cryptocurrency has been seeing some rather solid bullish movement, and at one point, it even managed to break over the $1,600 level. The coin has reached a resistance point of around $1,500 and is now trading at roughly $1,550 at the time of this publication.
In addition, the alternative coin’s price has increased by more than 10% in the previous week, making it one of the assets that are now doing its best. On-chain signals indicate that the bulls have acquired a fractionally greater amount than the bears. We can only hope that this state of affairs persists and that Vitalik’s activities have no impact on the token’s value.
Here’s Why The Crypto Whales Are Moving Their XRP Holdings
Charles Hoskinson recently stated that he has heard “rumors” that the two-year legal struggle between Ripple and the SEC will end on December 15.
“There are reports that the Ripple case will be resolved on December 15. And, well, we’ll have to wait and see what the outcome is; either way, it may be disastrous for the market.”
FOX Business reporter Eleanor Terrett, though, tweeted back, “It’s not true.” According to a follow-up tweet, the reporter confirmed that her sources had advised her there was no truth to the story.
Hoskinson’s rumor has impacted the crypto sector and altcoin pricing negatively and has left the XRP community fuming.
Widespread Disruption
Crypto whales trade over 392 million XRP in one day as reports of a settlement in the case between Ripple and the SEC spread.
Recent days have seen information concerning significant XRP moves being shared by Whale Alert, a cryptocurrency whale tracking service. According to the most recent transactions, the whales are moving huge sums of XRP to and from exchanges.
According to Whale Alert, these high-net-worth cryptocurrency investors have moved a staggering 392,764,221 (392.76M) XRP tokens in the last 24 hours.
The significant XRP movement coincides with the spread of reports regarding a potential resolution to the current legal dispute between Ripple and the SEC.
XRP Whale Transfer
According to the information provided by the crypto whale tracking service, the most recent transaction occurred on December 12 – a withdrawal of 38,893,182 (38.89M) XRP worth $14.4M by an unnamed whale.
In addition, two anonymous whales shuffled 188.5M XRP worth $72.83M. Unknown whale withdrew 30M XRP ($11.67M) from Bitso.
Another Binance user withdrew 37,371,039 XRP tokens ($14.14M) to an unknown address.
XRP whales have flipped huge amounts of cryptocurrency since the news spread.
How Will XRP Be Impacted?
Our next move is to sit tight and watch. While this is going on, there is a lot of conjecture regarding the case’s outcome in the surrounding community.
As the verdict draws closer, we can anticipate a direct effect on the XRP prices. Traders need to move cautiously because of the market’s potential volatility. In theory, XRP’s price may rise between 50 and 60 cents. Conversely, pumps and dumps could happen in response to such news, leading to a significant decline in the XRP price.
For blockchain, this will be the next major disaster. If the claims are true, XRP might be directly impacted by a high-profile legal ruling, which is difficult to foresee.
Stablecoins Like USDT and USDC Moving out of Gemini & Other Major Exchanges! What’s Next?
The impact of the FTX collapse has been spreading significantly over the other platforms as more number of them are restricting users’ activity, failing to carry out their business as usual. While some of the platforms who denied earlier have admitted to their platform’s exposure to the FTX crisis.
Therefore, many such platforms are soon expected to open up about their financial stands and exposure to FTX.
In a recent update, the world’s largest exchange Gemini owned by the Winklevoss brothers appear to b in deep trouble as they halt user withdrawal. Meanwhile, they deny being exposed to the Genesis crisis but halting user withdrawals says it all. Hence the larger institutions and maybe whales are pulling out of the exchange.
As per the report, the Gemini staking service may soon shut down and this has compelled the users to quit the platform. The platform witnessed the largest withdrawal movement ever as stablecoins worth more than $300 million exited from the Gemini reserve.
On the other hand, the major stablecoins are also moving out of the exchanges. As per a popular on-chain analytical platform, Santiment, a huge drop in USDT, USDC & BUSD holdings in the reserves of the exchanges has been recorded following the FTX collapse.
With the recent FTX fallout, more money is flowing out of the crypto space. It is quite evident that the large institutions or even the whales may have transferred their holdings from the exchanges and moved them to self-custody. This is believed to have a larger impact on the crypto space as stablecoins are believed to be the highest-traded entity on daily basis.
Here’s Why Ethereum Whales Are Moving Their Holdings With Merge On Horizon
Recently, the ETH whales have been seen moving their holdings to on-exchange addresses with a recent drop in the holdings of non-exchange addresses. The movement can be owed to the upcoming Merge scheduled to happen this month.
According to the on-chain analytics firm Santiment, the Ethereum supply within top exchange addresses climbed as traders dumped their holdings onto large exchanges amidst the 2022 market decline.
In the most recent development, a crypto whale just transferred 64,000 Ethereum (ETH) worth over a hundred million dollars to an unknown wallet.
The deep-pocketed crypto holder transferred $102,134,766 worth of ETH to an unknown address, the blockchain tracking platform Whale Alert recently reported. The unknown wallet still holds the transferred assets at the time of writing.
Ethereum network explorer Etherscan disclosed that the depositing wallet is owned by the US arm of the world’s leading crypto exchange platform – Binance.
The initial big transaction was followed by another follow-up transaction to the same unknown wallet after two hours when it moved15 ETH worth $23,988.
“64,000 ETH (102,134,766 USD) transferred from unknown wallet to unknown wallet.”
Earlier this week, Whale alert also reported several other massive crypto transfers:
- 20,054 ETH worth $30l,702,630 from an unknown wallet to Huobi
- 6,601 ETH worth $10,090,502 from an unknown wallet to OKX
- 19,999 ETH worth $31,572,906 from an unknown wallet to FTX
- 6,703 ETH worth $10,340,527 from Gemini to an unknown wallet
Ethereum Whales Prepping For The Merger?
Earlier this month, Crypto analytics firm Santiment revealed that Ethereum whales seemed to be accumulating ETH as the price of the leading altcoin surged to a new high since June. The price surge could be owed to the announcement of the ETH 2.0 Upgrade in September.
“Ethereum surged back over $1,880 after a positive CPI report Wednesday. This two-month high in price came with a major influx of ETH transactions valued at $100,000 or more. This is happening in tandem with whale addresses appearing to be accumulating.”
Notably, there has been activity in on-exchange addresses too. According to a report that recorded the activity over the last three months, there has been a drop of 11% in the assets of Ethereum in non-exchange addresses. During the same time, there was a whopping 78% increase in the holdings of whale on-exchange addresses.
“Ethereum has seen its supply held by top exchange addresses rise, which makes sense with traders dumping their holdings onto large exchanges during the 2022 slide. Watch for a decline in top $ETH exchange address holdings as a bullish signal,” Santiment reported on August 3.
ETH is currently making a transition for 1,545.73 USD, a 0.54% drop on the day.