Ethereum Whale Moves 9,344 ETH Off Gemini

What happened: An Ethereum whale (CRYPTO: ETH) sent $35,168,114 worth of Ethereum off Gemini.

The ETH address associated with this transaction is specified as follows:

0xcfb2a078ee5eea2779c7a215657f7b778d0c09cf

why does it matter: Whales usually send cryptocurrencies from exchanges when planning to hold their investments for an extended period of time. Storing large amounts of money on the exchange presents an additional risk of theft, as exchange wallets are the most sought after target for cryptocurrency hackers.

Ethereum whales running their own validation nodes (at a cost of 32 ETH each) must send Ether to the Ethereum 2.0 signal chain, which then shuts down until the launch of Ethereum 2.0 in 2022.

According to Glassnode, only 12.33% of the total supply remains liquid across all central exchanges.

Removing ETH from the exchange reduces potential sell-side pressure, allowing the price of Ether to increase more easily.

See also: Best Crypto Apps of 2021 and Best Crypto Wallet Trackers

price movement: Ethereum price is up 2% in the last 24 hours.

See also: How to buy Ethereum

Public Blockchain Data Source From Whale Alerts on Twitter.

This article was created by the Benzinga Automated Content Engine and reviewed by an editor.