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Ethereum Whale Wallet Turns Active After Six Years Sending ETH to the Moon

ETH saw more than $700 million in short liquidations over the last 12 hours as Ethereum Whale moves massive quantity.
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Ethereum Whale Wallet Turns Active After Six Years Sending ETH to the Moon

On Tuesday, the broader cryptocurrency market shot up straight by 6% adding $50 billion in market cap. The world’s second-largest cryptocurrency Ethereum (ETH) made the most gains shooting past more than 12% and hitting the $1,500 mark for the first time after the Merge event.

As of press time, ETH is trading at $1,483 with a market cap of $181.7 billion. Interestingly, an Ethereum whale wallet suddenly turned active on Tuesday, for the first time in six years moving more than $20 million in value. As per reports, Ethereum whale moved 15,000 ETH to an empty wallet. As on-chain data provider Santiment reported:

An #Ethereum whale wallet that had not been active for 6+ years woke up today & moved $22.2M worth of $ETH to an empty wallet. $ETH‘s price is +8.1% since this transaction, briefly jumping over $1,500 for the 1st time since the #merge 6 weeks ago.

Courtesy: Santiment

For a very long time, ETH was trading close to $1,200 under solid selling pressure. However, yesterday’s short squeeze led to more than $800 million in short liquidations in the market, in the last 24 hours. A majority of these liquidations happened just in the last 12 hours.

Ethereum Whale, ETH and S&P 500

Yesterday’s sharp rise in the ETH price and the broader crypto market followed a strong rally in the U.S. equity market. Ethereum (ETH) has been showing a greater correlation with S&P 500 which gained more than 1.63%. As per data provider Santiment:

Ethereum has surged to $1,415 on a breakout Tuesday for #crypto. The #Dollar value has dropped fairly notably today, and its growth coming to an end (or at least a pause) would be a key component to the next breakout of #cryptocurrency market caps.

Courtesy: Santiment

Along with Ethereum, other cryptocurrencies with double-digit percentage gains are Cardano (ADA) and Dogecoin (DOGE). Here’s the key reason why Dogecoin is making solid gains in this rally. Bitcoin (BTC) is up 5% and has moved past the $20,000 level.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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