Large entity moves $75 million worth of Ethereum

It looks like Ethereum Whales are sure on the move, as the world’s second most valuable crypto by market value keeps gaining traction at breakneck speed.

A recent data feed on Whale Alert revealed that a large entity transferred 198,862 ETH worth 75,971,783 USD from an unknown wallet to another unknown wallet.

READ: Binance offers DeFi coders $100,000; DeFi market value hits $8 billion

🚨 🚨 🚨 🚨 🚨 🚨 🚨 198,862 #ETH (75,971,783 USD) transferred from unknown wallet to unknown wallet

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Tx: https://t.co/UkMifYTocJ

— Whale Alert (@whale_alert) October 14, 2020

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Also, it’s critical to note that data visualization seen from Santiment Research Company, showed the bullish divergence forming on this  blue hot crypto. It said:

• “Ethereum NVT model, which measures the health of the asset’s token circulation compared to current market cap, is indicating that we’re projected for a 6th straight month of bullish divergence.
• Beginning its first bullish month of 2020 on Santiment’s model at $134 on March, 7 of the past 8 months have shown a bullish divergence.
• This has predictably resulted in the price propelling itself +187% since.”

Explore Data on the Nairametrics Research Website

https://t.co/WD0jlRfTdD

1) Our #Ethereum NVT model, which measures the health of the asset's token circulation compared to current market cap, is indicating that we're projected for a 6th straight month of bullish divergence. Beginning its first bullish month of 2020 on our pic.twitter.com/Yoi3dPGvKU

— Santiment (@santimentfeed) October 14, 2020

READ: Ethereum, second most valuable cryptocurrency, surges over 88% since March

At the time of writing, Ether traded at $382.95 with a daily trading volume of $10,055,286,262. ETH price is down -0.4% in the last 24 hours. It has a circulating supply of 110 million coins and a max supply of ∞ coins.

What it means

READ: Ethereum whales on the rise, as Ether hits $420

Traders or entities who own a large number of Ethereum are typically called Whales. This means that an Ethereum whale would be a single Ethereum address owning around 1,000 Ethereum or more.

Nairametrics had earlier observed the high movement by these Ethereum whales, as large entities have purchased almost half of all the Ethereum mined so far in 2020.

READ: Unknown entity transfers $115 million worth of Bitcoins

• This is clear evidence that major investors are now looking at the future potential of ETH as an investment, despite the recent sell-offs recorded in the second most capitalized crypto market.
• Ethereum supports smart contracts on which developers can write code in order to program digital value.
• Examples of decentralized apps (dapps) that are built on Ethereum include tokens, non-fungible tokens, decentralized finance apps, lending protocol, decentralized exchanges, and much more.