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Unknown whales move millions of dollars in Ethereum – price increases



 The Ethereum market has rallied due to massive whale activity. According to crypto analytics platform Santiment, Ether (ETH) price surged 8.1% after a whale wallet moved 15,000 ETH (worth around $22.2 million).


In a tweet, Santiment revealed that the whale was last active on October 4, 2016 — over six years ago. The tweet added that the transaction, in which the whale sent ETH coins to an empty wallet, may have fueled Ethereum's surge above $1,500.

This isn't the only whale that has taken action in the ETH market lately. Whale Alerts had previously pointed to the activation of a 200 ETH wallet that was last active in the Ethereum pre-mine era of 2015.


Santiment also recently found that ETH whales exchanged 320,000 tokens with each other, possibly causing the largest surge in transaction volume in the ETH market.


Whale activity drives ETH trading higher

ETH price has responded positively to the massive whale activity in the market. After Ethereum had already recorded strong gains yesterday, it rose by another four percent overnight. However, the price rally has come with growing pains for short traders in the futures market. 


According to data from Coinglass, the ETH futures market has seen over $475 million worth of liquidations in the last 24 hours. The number is even more staggering for the overall crypto market, which registered a total of $1.2 billion in liquidations, with 87.21% of losses being short liquidations.

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