Ethereum whales move $2 billion in 2 hours
In the latest cryptocurrency movement, 820,000 ETH, valued at beyond $2 billion, was transferred by Ethereum whales within the last day. As highlighted by the observer Lookonchain on X (formerly known as Twitter), the trading entity Jump Crypto was involved in moving over $29 million worth of assets for selling purposes and retrieving $48 million from the staking service Lido.
Remarkably, ETH wallets that remained inactive for over three years sprung into action two hours ago, shifting $2 billion in ETH which is equivalent to 789,533 ETH. Lookonchain traced these transactions back to the infamous PlusToken, a Chinese Ponzi scheme that was terminated in November 2020, with cryptocurrency assets worth $4.2 billion confiscated.
This revelation could be linked to the recent downturn in ETH’s value, which experienced a reduction of 2.2% in the last hour at the point of this writing, representing the most significant drop amongst the top 20 cryptocurrencies by market cap.
On another note, the Ethereum-based exchange-traded funds (ETFs) accessible in the U.S. market witnessed nearly $100 million in capital influx on Aug. 6, securing the position of the second-largest single-day increase since their inception on July 23.
Grayscale’s ETF, namely ETHE, reported close to $40 million in capital outflows yesterday, registering the smallest decline since its transformation from a trust. Furthermore, Ethereum ETFs achieved $265 million in total trading volume on Tuesday, as sourced from DefiLlama’s data.
