- The transfer of 15,000 ETH to trading platforms by a “whale” has sparked discussions regarding the effects of Dencun and potential reasons for selling.
- Monitoring significant ETH transfers before and after Dencun’s rollout indicates a focus on its effect on prices and market dynamics.
The Dencun update on Ethereum is now live, which has generated interest in the crypto community. This update was designed to reduce fees on the network, ease congestion management and improve the ability to process more transactions.
Consequent to the activation of Dencun, there was a transaction involving Ethereum (ETH) within the trading environment. Specifically, an entity or individual, often termed a “whale” due to their large holdings, relocated 15,000 ETH to the trading platforms Binance and Bitfinex. Such movements towards exchanges typically hint at a forthcoming sale, leading to speculation and analysis among the community.
According to the analysis by Lookonchain, this “whale” withdrew 15,078 ETH, which had an approximate market value of $60.3 million, and transferred it to accounts on both Binance and Bitfinex.
A whale unstaked 15,078 $ETH($60.3M) and deposited it to #Binance and #Bitfinex, possibly selling to repay the debt.
He has a debt of 110M $DAI on #Spark and the health rate is 1.57.https://t.co/vSj2NxgglN pic.twitter.com/enFn91xckD
— Lookonchain (@lookonchain) March 13, 2024
The transaction stands out as unexpected against the backdrop of the Dencun upgrade, anticipated to boost ETH’s value. Nonetheless, Lookonchain suggests the “whale’s” disposal of ETH might be driven by the objective to settle a debt of $110 million in DAI on Spark, accompanied by a health ratio of 1.57.
The service Whale Alert, observed substantial movements of ETH both in the lead-up to and at the time of the Dencun upgrade’s implementation.
🚨 🚨 10,132 #ETH (41,011,423 USD) transferred from unknown wallet to #Krakenhttps://t.co/38TURneGIG
— Whale Alert (@whale_alert) March 13, 2024
In total, 10,132 ETH (valued at $41,011,423) were transferred from an unknown wallet to Kraken, and 18,560 ETH (valued at $75,324,186) were moved from Binance to an unknown wallet.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 244,550 #ETH (992,516,261 USD) transferred from unknown wallet to unknown wallethttps://t.co/k7qoPTu9jg
— Whale Alert (@whale_alert) March 13, 2024
In addition, other large transactions took place, including transfers of 244,550 ETH and 50,000 ETH between unknown wallets.
The current price of Ethereum (ETH-USD) is approximately $3,967.05 USD, experiencing a decrease of $90.74 (-2.24%) from its previous close. This price movement indicates a bearish trend in the short term. Ethereum has had a price range during the day of $3,945.82 to $4,010.77, showing moderate volatility.
