Ethereum Whale Abruptly Moves Over $145M In ETH: What Does That Mean For The Crypto?

According to Whale Alert data, an Ethereum ETH/USD whale has transferred about 100,000 ETH worth about $145.62 million from one anonymous wallet to another.

Whale Alert reports, that the tokens were moved on Sept. 16, one day after Ethereum transitioned to a proof-of-stake network.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 100,000 #ETH (145,624,605 USD) transferred from unknown wallet to unknown wallethttps://t.co/cihRV6GZKO

— Whale Alert (@whale_alert) September 16, 2022

Recently, the market intelligence firm Santiment mentioned that the leading smart contract platform’s network value to transaction (NVT) metric is in its best state in 16 months.

📊 We are officially less than two days from the big #Ethereum merge, & on-chain metrics are looking positive for the #2 market cap asset. According to our NVT model, the ratio between unique $ETH being moved and the network's current market cap is in its best state in 16 months. pic.twitter.com/dLC8fUdNYS

— Santiment (@santimentfeed) September 13, 2022

It also mentioned that over the past three months, top whale addresses had sent a significant amount of ETH onto exchanges. 

Also Read: Major Ethereum Whales Betting on Shiba Inu, Buy Up 105.7 Billion SHIB

Non-exchange addresses have declined 11%, while exchange-based addresses have surged by 78%.

Earlier last week, the exchange balance of Ethereum reached 21.96 million, the highest level in five months.

Also, an anonymous cryptocurrency wallet holding $69,500,418 of Ethereum transferred its funds onto Binance in the previous week. Abnormally large cryptocurrency transfers from wallets to exchanges are typically a bearish signal.

At the time of writing, ETH was trading at $1430.91, down almost 19% in the last seven days.