Data shared by on-chain analytics provider Lookonchain shows that large crypto whales’ sentiment may have reversed as they begin to accumulate the second-largest cryptocurrency, Ethereum. One of those whales has withdrawn a five-digit amount of ETH from two major crypto exchanges, likely after a recent purchase.
Meanwhile, the ETH price has attempted to recover, soaring by 7.08%.
Anon whale withdraws 20,000 ETH from Binance
The above-mentioned data source, Lookonchain, revealed that a whale whose wallet ends in 0x166f has taken off a huge amount of Ethereum from two largest crypto trading platforms: Binance and Deribit.
The whale withdrew a staggering 20,000 ETH worth $38.25 million over the past few hours. There are two explanations for this. The first one is that the whale acquired this crypto and decided to withdraw it to his cold wallet. The second is that the whale is rebalancing its portfolio and is moving part of its Ethereum holdings into long-term storage.
Ethereum Foundation kicks off staking ETH
Earlier this week, the Ethereum Foundation announced it had begun to stake a portion of its ETH treasury, following its treasury policy announced last year. On Feb. 24, the foundation staked 2,016 Ethereum coins.
Overall, the EF intends to stake 70,000 ETH (which is currently $133,692,881 in fiat). The rewards for those staked coins will be sent directly to the Ethereum Foundation treasury. Today, the EF made a 2016 ETH deposit. Approximately 70,000 ETH will be staked, with rewards directed back to the EF treasury. The staking was conducted using open software Dirk and Vouch, the tweet specifies.
The EF stated that they are excited to make this crucial step as it helps not only to secure the Ethereum network but also to fund its core operations and activities. Those include ecosystem development, community grant funding, protocol R&D and much more.
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Ethereum price action
Over the past seven days, Ethereum has declined by approximately 10%, losing the psychologically important price level of $2,000. On Feb. 24, ETH landed on $1,814. Then, after Bitcoin went up, fueled by the U.S. president’s speech before Congress, Ethereum followed suit, rising by roughly 7%, recovering $1,915.
However, after that, ETH was pushed down by almost 2%, and then it went up again, paring that loss. Currently, Ethereum is changing hands at $1,916 per coin.