Ethereum Whales Move $140 mn to Crypto Exchanges
Ethereum (ETH) investors with huge financial reserves, also referred to as whales, recently shifted almost $140 million of the cryptocurrency into well-known exchanges like Coinbase, Kraken, and OKX in a flurry of significant digital asset trades.
Ethereum blockchain data shows a trend among ETH investors, with several transactions worth millions of dollars moving to exchanges after the supply of the second-largest digital asset by market capitalization fell on exchanges in June. One transaction involved transferring 20,000 ETH from Arbitrum to Kraken, a San Francisco-based exchange, and another $48.3 million transaction from an unidentified wallet to Coinbase, the largest US cryptocurrency exchange platform.
A cryptocurrency whale transferred 30,000 ETH worth $57.7 million to OKX, a Seychelles-registered digital currency exchange. This comes as major financial powerhouses managing $27 trillion in assets enter the world of Bitcoin and cryptocurrency. A report from Goldman Sachs shows that the supply of Bitcoin, the largest cryptocurrency by market capitalization, tumbled by 4% on exchanges, reaching levels recorded in December 2022. This was the lowest level since November 2020, prior to the 2021 bull market.
(With inputs from Shikha Singh)
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