An Ethereum address transfers 64,000 ETH to an unknown wallet



An Ethereum address transfers 64,000 ETH to an unknown wallet. A transaction of 64,000 ETH was executed today at 05:01 UTC. This is from an Ethereum address to an unknown wallet. That's over $102 million. It is certainly one of the largest crypto transfers recorded in recent times.

A transfer of more than 102 million dollars


According to Whale Alert, a transfer of over $102 million was recorded on Etherscan. The transaction was made on August 31 at 05:01 UTC from a prominent Ethereum address to an unknown wallet. This cryptographic move, considered major, thus comes after Ethereum regained the price level of $1,600.
 
Recall that Ethereum is the second largest cryptocurrency in the world in terms of market capitalization. It dipped below $1,500 on Tuesday. This is a first in more than four weeks, but it seems that the asset has since found the hair of the beast.

The first half of 2022 was disastrous, institutional flows related to ETH investment products were down. The report shared by CoinShares notably looks at the digital asset fund flows of Ethereum products. We find in detail the inputs as well as the outputs for Ethereum products. It is thus noted that from January to August 2022, the value of ETH product releases is $300 million. For comparison, inflows for BTC products are $275 million over the same period.

Whales continue to accumulate ETH


The whales continued to buy Ethereum. This is even during the last market correction. The launch of Beacon Chain in December 2020 also gave impetus to Ethereum 2.0, the long-awaited network upgrade in the crypto sphere. For Etherscan, the ETH community proceeded to deposit the 13.4 million coins, especially under the ETH 2.0 staking contract.

For analysts, the market sentiment remains the same. Indeed, despite the accumulation of crypto and the new transactions recorded, the general sentiment around Ethereum remains unchanged. Like that concerning all crypto-currencies, the sentiment remains negative, especially over the last 7 days.

The negative sentiment fed by traders


According to Santiment, an on-chain market intelligence platform, many traders have been showing negative sentiment against ETH over the past few days. The week was indeed volatile and investors found themselves with difficult negotiations. 

Traders shorted, across exchanges, at the highest ratio since June 2021. Note that they repeat the same pattern every time a price dump is noted.

In a recent Twitter post, Santiment says traders' reaction to the markets on Friday's decline was the most aggressive since 2022. Hopefully, the situation will improve in the next few days.