One of the biggest cryptocurrency exchanges in the world, Huobi, has seen a significant deposit of ETH, according to crypto portal WhaleAlert.
The deal, which was completed just a few hours ago, involved 73,840 ETH, which is currently valued at $111 million. The wallet’s owner is unknown, and the transaction’s wallet was anonymous.
Although the motivation for whales’ attempt to adopt selling is not immediately evident, it does so at a time when there is a lot of excitement and rumor around Ethereum’s upcoming merger with its Beacon Chain, a PoS chain released in December 2020. Within the next few days, the eagerly anticipated Merge is set to occur, and it is anticipated to significantly accelerate the expansion of the Ethereum network.
Some industry insiders predict that ETH will soar upon its impending Merge. The whales might profit greatly if the price of Ethereum rose. This is not the first time that substantial quantities of Ethereum have been moved before a significant event. Unknown whale recently transferred 260,000 ETH to Binance, which was worth $434 million.
Although the motivation behind these transactions is still unknown, they might have something to do with speculative trading or even market manipulation. In either case, it’s another indication of large money.
In recent weeks, Ethereum’s price has increased in anticipation of the Merge. The whale may be employing a sell-the-news tactic, since Ethereum is down over 8% in 24 hours to around $1,520, according to Coinmarketcap.
It’s not surprising that whales are acting since there is so much commotion and turbulence surrounding the Merge. The exact reasons for these substantial ETH deposits will only become clear with time. The Merge, however, will undoubtedly be a significant occasion in the cryptocurrency industry.