- An Ethereum whale had sent $107,481,317 worth of Ethereum (ETH) off Gemini crypto recently.
- Storing large amounts of money on a crypto exchange sometimes signifies an additional risk of theft along with other things.
- Ethereum (ETH) is currently trading at $1,216 and is down by around 16% in the last twenty-four hours.
The second-largest crypto asset has witnessed a major whale activity recently, as an Ethereum whale had sent $107,481,317 worth of Ethereum (ETH) off Gemini crypto.
Whales basically send digital assets from crypto exchanges when they plan0 to hold their investments for an extended period of time. And storing large amounts of money on a crypto exchange sometimes signifies an additional risk of theft, because exchange wallets are the most sought-after target for cryptocurrency attackers and hackers.
Ethereum whales that operate their own validator nodes, costing 32 ETH each, need to send their Ethereum (ETH) to the Ethereum 2.0 beacon chain, which is then locked up until the rollout of Ethereum 2.0 awaited for this year.
A Glassnode data highlights that only 17.18% of the total supply remains liquid across all centralized exchanges (CEXs).
The removal of Ethereum (ETH) from an exchange decreases the potential sell-side pressure and hence facilitates the price of Ethereum (ETH) to witness a surge more smoothly.
One of the leading crypto assets Ethereum (ETH) along with the overall crypto market is witnessing many bearish trends lately, ETH price was also affected recently due to a reorg issue in the Ethereum Beacon chain. It is currently down by around 16% in the last twenty-four hours.
Additionally, the Merge is expected but might see delays, it is to see how the major upgrade would affect the asset’s performance in the coming time.
At the time of writing, Ethereum (ETH) is exchanging hands at $1,216 with a market cap of $147,355,203,738.
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Source: https://www.thecoinrepublic.com/2022/06/13/an-ethereum-whale-shifts-60240-eth-off-gemini-crypto/