The transfer activity on the Ethereum network has seen a surge during the start of February after Ethereum whales started moving the crypto asset in large amounts. Nearly 90,000 coins were moved from Binance to unknown wallets on 3 February.
The data published by the blockchain tracking and analytics firm, Whale Alert shows that the transfer was completed in three separate transactions. In the first transaction, Ethereum whale moved 30,000 ETH from the crypto trading platform, Binance to an unknown wallet on 3 February at 1:29 UTC.
The move was followed by the transfer of 29,999 Ethereum and 30,001 Ethereum, respectively. According to the current price of Ethereum, the total value of the mentioned transactions stands at around $200 million.
Ethereum's price has struggled severely in the last few weeks. After a substantial rally in 2021, the number 2 crypto asset by market cap lost nearly 50% of its value in January 2022. However, Ethereum has started recovering. The digital currency crossed $2,800 yesterday for the first time in two weeks.
“Ethereum has continued ranging in the $2.6k to $2.8k level the past 3 days. The number of unique ETH transacting addresses has remained high, leading to an address activity ratio that wasn't this high since August, when prices jumped +51% that month,” Santiment noted.
Exchange Movements
Ethereum's exchange movements have increased since the start of the latest correction. While exchange inflows have remained high during January, the trend has shifted in the past two days. Whales have now started moving digital assets from exchanges to cold wallets.
“Ethereum whale holders continue trending assets toward non-exchange addresses despite the past months of volatility. The top 10 largest non-exchange addresses now hold 24.31M ETH, while the top 10 exchange addresses are at just 5.83M ETH,” Santiment added.
The deposit contract of ETH 2.0 now holds more than 9 million coins.
