Unknown identity moves $117 million worth of Ethereum

Ethereum whales are obviously cashing out, and transferring their prized digital asset, which is the world’s second most valuable crypto by market value.

Data retrieved from advanced crypto tracker, Whale Alert, revealed that an unknown identity transferred 248,660 ETH (116,890,884 USD – approximately $117 million) from one unknown wallet to another unknown wallet.

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• At the time of filing this report, Ethereum traded at $485.14 with a 24-hour trading volume of $12,217,030,960.
• ETH price is up 4.1% in the last 24 hours. It has a circulating supply of 110 million coins and a max supply of ∞ coins.

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🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 248,660 #ETH (116,890,884 USD) transferred from unknown wallet to unknown wallet

Tx: https://t.co/R4Vn19ShwB

— Whale Alert (@whale_alert) November 17, 2020

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

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.

READ: Buying signs: Ethereum whales increase their Ether holdings by 84%

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.

What you should know

• 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.