By Solomon Odunayo
According to Whale Alert, the live tracker of large cryptocurrency transactions from and to exchanges, the sum of 125,000 ETH was transferred from an unknown wallet to another wallet.
Going by another report made available by Whale Alert, the same 125,000 ETH was moved back to the same wallet relatively 11 hours later.
This has raised questions as to whether the transactions are calculated for a discrete and manipulative purpose. The huge transactions were hinted by Whale Alert via the Micro-Blogging platform Twitter.
As the report stated, the first transaction was effected on 21st February 2020, at 20:30:55 UTC. The transfer was from 0x7d6149ad9a573a6e2ca6ebf7d4897c1b766841b4 to 0x1c11ba15939e1c16ec7ca1678df6160ea2063bc5.
🚨 🚨 🚨 125,000 #ETH (32,482,631 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) February 21, 2020
About 11 hours later, Whale Alert reported that the 125,000 ETH (32,812,500 USD at press time) was moved back to the formal address.
As inferred from Whale Alert official website, the second transaction was effected on 22nd February 2020 at 07:00:45 UTC.
🚨 🚨 🚨 125,000 #ETH (32,521,381 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) February 22, 2020
Crypto Whales Have Been So Tactical and Manipulative
The fact that the transactions were from and to the same addresses in a very short interval is an indication that the transactions could be for a particular purpose.
The history of Crypto Whales’ activities has shown the capability they possess in controlling the market price action.
A scenario, whereby a Bitcoin Whale sold 20,000 BTC to a cryptocurrency exchange and ordered a buyback in a short interval is a good example. This action alone massively plunged the price of Bitcoin, and the unknown Bitcoin Whale allegedly accrued a relatively $10 million profit in the process.
In the case of this huge Ethereum (ETH) back and forth transactions, it will likely have little or no effect on the price of the digital currency in the market, since it’s from an unknown wallet to another. However, it could be a calculated action.
Ethereum (ETH) Not Affected By the Transactions
The price of Ethereum (ETH) has been stable over the past hours, which indicates that the huge back and forth transactions have little or no effect on the price of the digital currency.
At the time of writing, ETH is trading at $263.53, with a 0.01% price decrease in the last 24 hours.