- The transfer was carried out on Wed, Feb. 9 2022, 13:01:16 UTC.
- The price of ETH had hit its lowest point in a bear market in January.
Ethereum whales began shifting enormous sums of the cryptocurrency in early February, causing the network’s transfer activity to spike. On Feb. 3, about 90,000 coins were transferred from Binance to unidentified wallets.
According to Whale Alert, there were three different transactions to make the transfer, a blockchain monitoring and analytics business. Ethereum whale transferred 30,000 ETH from Binance to an unidentified wallet on Feb. 3 at 1:29 UTC in the transaction.
On Feb. 9, about 35,001 ETH were transferred from an unknown wallet to FTX. According to Whale Alert transaction data, the transfer was carried out on Wed, Feb. 9 2022, 13:01:16 UTC.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 35,001 #ETH (111,352,298 USD) transferred from unknown wallet to #FTXhttps://t.co/Po8ednmh4n
— Whale Alert (@whale_alert) February 9, 2022
Rapid Ethereum Price Surge
The price of ETH had hit its lowest point in a bear market in January, followed by the fastest bounce so far. After Ethereum’s native token hit a three-week high on Feb. 9, the price of Ether (ETH) dropped to retest $3,000 support levels.
After the ETH/USD trading pair hit a low of $2,150 on Jan. 24, the price of ETH has since rebounded by around 50 percent. According to recent research by Arcane Research, this was Ether’s quickest rebound from a bearish cycle to date compared to its average recovery duration of 165 days. New York-based venture capital company Placeholder’s Chris Burniske also predicted a bright future for Ether, but only because of its projected switch to proof-of-stake from Proof of Work this year.
Since the commencement of the recent drop, Ethereum’s exchange movements have risen. Even if exchange inflows were strong in January, the recent pattern has changed. Whales have begun to move their digital assets from exchanges to cold storage in recent months.