ETH Accumulation by Whales on the Rise Ahead of Shanghai Upgrade

• A whale just transferred $72,999 ETH (about $129 million) from one wallet to another.
• Whale Alert also reported more transactions of ETH, totaling 20,899 from Coinbase.

Recent whale observations suggest an unprecedented level of activity. Before the most anticipated Ethereum Shanghai update that will permit staked Ethereum withdrawals, crypto whales are buying up ETH in the millions.

Many ETH have been moved from cryptocurrency exchanges to wallets in the previous 24 hours, according to Whale Alert. Bitfinex has recently sent out 11,529 ETH worth $20 million. Bitfinex also sent another 13,341 ETH worth $23 million.

Massive Transactions by Whales

A whale just transferred $72,999 ETH (about $129 million) from one wallet to another. As both wallets contain almost identical tokens, it is likely that they are associated with the same whale. After receiving $145 million, the receiving wallet sent 83,000 ETH to an unidentified wallet.

Whale Alert also reported more transactions of ETH, totaling 20,899 from Coinbase, 12,499 from Binance, 21,451 from Coinbase, and 14,070 from Bitfinex. At the beginning of the week, whales have been consistently buying large amounts of Ethereum (ETH). A whale spent $293M on Thursday buying 167,696 ETH from Gemini.

The number of ETH withdrawals from cryptocurrency exchanges has increased to 3,181.030, according to statistics compiled by Glassnode. Ethereum’s “non-zero addresses” have also achieved a new high of 96,112,215. According to the notice made by Ethereum’s core developers, the Ethereum Shanghai mainnet update will take place on April 12 at 10:27:35 PM UTC.

In addition, Etherscan reports that the number of staked ETH on the Beacon chain has increased to 17,852,023, with a market value of $31.31 billion, as a result of the increased staking activity caused by the Shanghai upgrade.