Crypto analyst and trader Ali Martinez, who is among the co-founders including Vitalik Buterin, stated on his personal Twitter account that Ethereum (ETH) is currently undergoing a significant change. According to the analyst, the largest smart contract platform and also the largest altcoin are facing an intriguing transformation.
Martinez’s Comment on ETH: Subtle Yet Intriguing
Ali Martinez drew attention to a subtle yet extremely interesting development for Ethereum. The analyst stated that large investors, also known as whales in the crypto world, are slowly but surely accumulating ETH again.
In his Twitter post, Martinez mentioned that the slow but effective buying activity from whales began in the past two months. According to the graph shared by the analyst, which belongs to the on-chain data platform Glassnode, this whale level is occupied by investors holding 10 thousand ETH or more in their wallet addresses.
Supporting Martinez’s argument, the Whale Alert platform, which detects significant movements in blockchains and shares them publicly, reported that two large ETH transfers were made from the major cryptocurrency exchange Bitfinex to two anonymous wallet addresses in the past 24 hours. The transfers included 21,229 ETH worth $42.45 million and 19,764 ETH worth $39.15 million. It is considered that both ETH transactions were moved to cold wallets for long-term storage.
Whales Profit as ETH Price Rises
With Ethereum surpassing the $2,000 threshold over the weekend, the price of ETH is currently trading at $2,023 with a 3.52% increase in the past 24 hours. During this time frame, it is not surprising that multiple crypto whales took advantage of the price rise by selling their coins for profit.
According to data provided by Whale Alert, three large ETH transfers were made to wallet addresses belonging to Bitfinex and Coinbase exchanges. The platform detected that 18,373 ETH, 18,095 ETH, and 15,000 ETH were most likely sent to these cryptocurrency exchanges for the purpose of selling.
