10,266 Ethereum (ETH) Worth Millions Transferred by Sleeping Whale

• The transferred Ethereum, according to the blockchain explorer, was mined in 2017.
• Also, the whale sent 1,322 ETH to the Poloniex crypto market.

As a result of the Silvergate Debacle, the price of Ethereum, the second biggest cryptocurrency, is coming under heavy selling pressure. Investors are wary of reentering the market after Silvergate’s recent filings raised the spectre of the company’s collapse. Yet, a sleeping whale’s wallet was seen splurging from its fund while the market was plummeting.

According to On chain statistics, during the latest price drop, a dormant whale wallet transferred 10,266 ether in many transactions. In a single transaction, the whale address moved over $16 million worth of ether. The transferred Ethereum, according to the blockchain explorer, was mined in 2017.

Also, the whale sent 1,322 ETH to the Poloniex crypto market, which is roughly equivalent to $2 million in value, out of a total of 10,266 ETH that was traded. Nevertheless, Ethereum’s price has dropped by around 5% during the previous 7 days, and it now trades at $1,564 as per CMC.

Awaiting Highly Anticipated Shanghai Hard Fork

After bouncing back from the aftermath of Sam Bankman-Fried’s FTX, the cryptocurrency market saw a significant drop in the first week of March. Silvergate Capital Inc., a bank headquartered in California, has decided to shut down its platform for accepting payments in digital assets. 

Nevertheless, the price of ETH has been on a downward trend over the previous 30 days, falling by 6%. The company’s 24-hour trading volume fell by 3.4% to $4.78 billion.

Moreover, the major and highly anticipated update known as the Shanghai hard fork is on the horizon for the Ethereum Network. To put it simply, this update can increase the value of ETH and is thus anticipated. In the meanwhile, the developers have once again delayed the update until early April.