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Crypto Whale Just Moved $42M Worth Of Ethereum (ETH) Off Gemini

By Benzinga Insights

What happened: An Ethereum (CRYPTO: ETH) whale sent $42,116,393 worth of Ethereum off Gemini.

The ETH address associated with this transaction has been identified as:

0xa8d7798949e7fe3fac03920e9b9cf9679472eaf8

Why it matters: Whales typically send cryptocurrency from exchanges when planning to hold their investments for an extended period of time. Storing large amounts of money on an exchange presents an additional risk of theft, as exchange wallets are the most sought-after target for cryptocurrency hackers.

Ethereum whales that run their own validator nodes (costing 32 ETH each) must send their Ether to the Ethereum 2.0 beacon chain, which is then locked up until the launch of Ethereum 2.0 in 2022.

According to Glassnode, only 17.26% of the total supply remains liquid across all centralized exchanges.

The removal of ETH from an exchange reduces potential sell side pressure, allowing the price of Ether to increase more easily.

See Also: Best Crypto Apps 2021 and Best Crypto Portfolio Trackers

Price Action: Ethereum is up 6% in the past 24 hours.

See Also: How To Buy Ethereum

Public Blockchain data sourced from Whale Alerts Twitter.

This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Dive Deeper:
Ethereum Whale Moves 30,500 ETH Off Gemini
What happened: An Ethereum (CRYPTO: ETH) whale sent $60,992,253 worth of Ethereum off Gemini. The ETH address associated with this…
Ethereum Whale Moves 12,338 ETH Off Gemini
What happened: An Ethereum (CRYPTO: ETH) whale sent $26,189,242 worth of Ethereum off Gemini. The ETH address associated with this…
Crypto Whale Just Moved $24M Worth Of Ethereum (ETH) Off Bitfinex
What happened: An Ethereum (CRYPTO: ETH) whale sent $24,134,942 worth of Ethereum off Bitfinex. The ETH address associated with this…
Ethereum Whale Moves 35,000 ETH Off Gemini
What happened: An Ethereum (CRYPTO: ETH) whale sent $80,495,888 worth of Ethereum off Gemini. The ETH address associated with this…
One subscription that gives you access to news from hundreds of sites
Anonymous Bitcoin Whale Just Moved $76M Worth Of BTC Off Coinbase
What happened: A Bitcoin (CRYPTO: BTC) whale just sent $76,904,365 worth of Bitcoin off Coinbase. The BTC address associated with…
Anonymous Bitcoin Whale Just Moved $71M Worth Of BTC Off Coinbase
What happened: A Bitcoin (CRYPTO: BTC) whale just sent $71,901,921 worth of Bitcoin off Coinbase. The BTC address associated with…
Get all your news in one place