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Ethereum Whale Moves 30,500 ETH Off Gemini

By Benzinga Insights

What happened: An Ethereum (CRYPTO: ETH) whale sent $60,992,253 worth of Ethereum off Gemini.

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

0x4399f61795d3e50096e236a6d31ab24470c99fd5

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 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 $42M Worth Of Ethereum (ETH) Off Gemini
What happened: An Ethereum (CRYPTO: ETH) whale sent $42,116,393 worth of Ethereum off Gemini. 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…
Bitcoin Whale Moves 2,500 BTC Off Gemini
What happened: A Bitcoin (CRYPTO: BTC) whale just sent $73,455,145 worth of Bitcoin off Gemini. The BTC address associated with…
One subscription that gives you access to news from hundreds of sites
Ethereum Whale Moves 80,000 ETH Off Bitfinex
What happened: An Ethereum (CRYPTO: ETH) whale sent $159,668,640 worth of Ethereum off Bitfinex. 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…
Get all your news in one place