An unknown whale transferred in Ethereum (ETH) the equivalent of $142 million at that time to a Binance (BNB) address this Tuesday, just as the currency hit the its worst price in three months.
The whale – a term referring to a person or institution that holds large amounts of cryptocurrencies – sent 81,759.99 ETH to the exchange.
The transfer released by Whale Alert, a service that tracks the biggest moves on the blockchain, shows that the amount of cryptocurrencies was the equivalent of $142 million.
By transferring the entire amount at once, the whale paid only $11 fee, an amount considered low compared to last month’s fees where Ethereum fees skyrocketed, hitting a record $70 on the day. may 12.
That morning, Ethereum (ETH) hit $1,718, the lowest price seen since the end of March. It is not possible to identify who is behind the wallet, but the large movement, when the Ethereum falls, signals that the whale may have dumped these coins back on the market.
When assets stored in cold portfolios are sent back to an exchange, it usually means that that investor will take profits, or exchange the amount for another cryptocurrency.
What’s Binance and how does it work?
We can define what is Binance as a cryptocurrency exchange. Created in the year 2017 by Chinese Changpeng Zhao. It is a global exchange responsible for intermediating, with security and practicality, people interested in buying and selling cryptocurrencies.
At Binance, you have access to a platform that allows you to trade in over 100 cryptographic currencies, including the main one, which is Bitcoin. Binance also has its own cryptocurrency: the Binance Coin (BNB).
Binance aims to provide a secure platform capable of facilitating the purchase and sale of cryptocurrency transactions, ensuring that both parties fulfil their obligations in the negotiation.
To better understand how Binance works, think about the stock market. But, instead of shares of publicly traded companies, cryptocurrency are traded.
Binance has its own order book. This means that the value of coins or tokens may vary compared to other brokers due to fees and terms imposed by each of them.
Ethereum Whales
Although the aforementioned whale appears to have sold its tokens, the on-chain data indicates an opposite trend from the large keepers.
🐳 #Ethereum‘s top 10 non-exchange whales continue to hold record levels of $ETH, and are even inching upward despite the dip below $1,900 Monday. Meanwhile, the top 10 exchange whale holdings keep declining, which implies less chance of further sell-offs. https://t.co/1jpoivT3sw pic.twitter.com/xl6mMAtii7
— Santiment (@santimentfeed) June 22, 2021
The total of cryptocurrencies accumulated by these large holders reached 19.6 million ETH last week, the highest amount seen since July 2016. The survey also shows that while whales take advantage of the fall to increase their shares, the balance portfolios owned by brokers are declining.
On Thursday, June 24th, the cryptocurrency was trading around $1,962, according to CoinMarketCap.
What’s Ethereum?
Ethereum is a platform that enables decentralized application programming, Ether cryptocurrency, smart contracts and transactions, and various tokens. All this based on Blockchain technology, which came together with Bitcoin. As a result, many consider Ethereum to be an evolution of the Blockchain technology concept. The Ethereum platform was created by Canadian programmer Vitalik Buterin in 2013. The platform went online on July 30, 2015 with 11.9 million ICO pre-mined Ethers.
Since then, the platform has been gaining more and more adoption among researchers, entrepreneurs and programmers who want to create real solutions using the blockchain and Ethereum technology.
Ethereum has since become the second-largest market capitalization cryptocurrency, second only to Bitcoin.
How does Ethereum work?
Ethereum uses the same consensus and distributed network concept as Bitcoin to ensure the security of your system. There are thousands of computers distributed around the world, making it impossible to have a single point of failure.
In this way, Ethereum has become one of the most secure cryptocurrencies today. Attacking the Ethereum network would be logistically and economically unfeasible, so it would be better for a hypothetical attacker to cooperate with the entire network. Therefore, the Ethereum network is extremely secure. As long as the coins are stored as recommended, using a secure wallet, you don’t risk losing your coins.
