A massive transfer of Ethereum tokens worth $159,000,000 was noticed on June 5th, according to the latest data from on-chain tracking platform, Whale Alert.
The transfer, which happened in just one go when Ethereum was trading at $2,579.08 per token, has triggered mixed reactions among the crypto community, as data shows that the large transfer involving 61,966 ETH was moved among unknown wallets.
The tracker revealed that the tokens were sent from an unidentified address “0x0b26C,” which has been consistently sending large amounts of ETH over the last five days.
Meanwhile, the receiving address “0x35365” could also not be traced to an identifiable centralized source. Nonetheless, the move appears to be sudden, as the wallet history shows that the tokens were the first large transfer ever received by the wallet.
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While the mysterious transfer is yet to impact market prices, investors are curious about the reason behind the bold move.
Following the negative trend experienced in the broad crypto market while the transaction was executed, X commentators are worried that the move might be an attempt to sell off Ethereum holdings by a high-profile or institutional investor.
Ethereum flips negative
The large ETH transfer happened at a time when the broad crypto market is experiencing significant downturns with the prices of leading cryptocurrencies increasingly trading negatively.
Ethereum was not left out of this bearish momentum as its price was seen plummeting by 3.27% despite recording massive gains in the previous days.
This downtrend in Ethereum’s price performance has seen its price trade at $2539 as of press time.
Despite this notable decline in the price of ETH over the last day, the second-largest cryptocurrency by market capitalization has seen its trading volume surge decently by 6.59% over the same period.
Usually, converse on-chain metrics like this have signaled increased trading activities which are not in favor of the underlying token’s trajectory.
The surge in Ethereum’s trading volume, while the value of the token moved in the opposite direction, suggests that the ratio of holders actively selling off their ETH holdings is largely greater than the number of buyers during the specified period.
Following the ongoing market dynamics, investors are currently uncertain about a potential flip in market sentiment which could drive an impressive rally across the crypto market.
