The mystery cryptocurrency whale piqued community interest earlier this week, transferring around $505 million worth of Ethereum ($ETH), the second largest cryptocurrency by market cap, to top cryptocurrency exchange Binance.
The transaction was spotted by blockchain tracker Whale Alert and costs only 0.00183 ETH (about $3.38) in transaction fees. According to Santiment, an on-chain crypto analytics service, the transaction was one of the largest self-custody-to-exchange transfers in the last half-decade.
These large transfers weren’t the only ones involving large amounts of Ethereum this week. On Monday, another anonymous wallet sent 77,482.16 ETH in six different transactions to multiple Coinbase accounts within 12 hours. As Ethereum is currently trading above $1,870, the total value of these transactions exceeds $145 million.
As previously reported by CryptoGlobe, Santiment revealed last month that considerable latent movement had occurred in the Ethereum network, with two addresses transferring old ETH that had been neglected for over five years. Historically inactive asset movements are associated with significant price swings, generally in a favorable direction.
With the current bullish rating being the fifth highest in the previous six months, history could repeat itself. In addition, the average age line of investment dollars has decreased over the past month, indicating that the average age of investment addresses has decreased. The bull market scenario is generally favored by the younger average investment dollar age.
Additionally, the organization highlights two wallet addresses that acquired 150,000 ETH in November 2018 and sold all of their assets on April 18, 2023. While the sample size is insufficient to demonstrate market manipulation, the timing of the 2018 acquisition and recent divestitures may indicate that addresses it is aware of market trends.
According to the data, the accumulation of 150,000 ETH in late 2018 corresponded to dropping below $125 just weeks before the market bottomed out and experienced a rally.