Recently, 22,982 Ethereum (ETH) were transferred to new addresses by two addresses that had been idle for more than four years. The ETH coins in question were discovered transferring 13,103.99 ETH and 9,878 ETH, respectively, from the trading platforms Genesis and Poloniex.
Investors in cryptocurrencies frequently stick with Bitcoin and Ethereum to avoid temporary losses during bear markets. As a result, the community is intrigued by the big movement of such assets and tries to understand the motivation behind it. Investors, however, are baffled by the sudden activity of these addresses.
The ETH tokens in question have not been traded since October 2018, when the price of ETH was around between $190 and $230. The asset’s price per ETH was close to $1,200 on the transfer day.
The aforementioned flowchart depicts the historical migration of the assets over time from the trading platforms to the new locations. Although no information have been made public as of writing, the community theories that there may be connections to financial collateral for a project.
Blockchain data analytics show that in the months following Ethereum’s switch to proof-of-stake (PoS) consensus, there has been a steady increase in the amount of Ethereum staked across different staking platforms.
Decentralized finance (DeFi) has benefited greatly from the awaited Merge update, and since Ethereum switched to PoS, staking solutions have been in great demand. This is supported by blockchain information gathered from numerous staking methods used throughout the Ethereum ecosystem.
Many investors’ faith has been affected by recent events in the cryptocurrency market, particularly the protracted bear phase that was followed by the collapse of numerous big-shot forms this year. Investors don’t seem to be convinced, despite the fact that many crypto aficionados believe the market would flourish during this period.
According to recent data, many institutional investors are betting that the prices of Bitcoin and Ethereum will decline in the near future. As roughly 75% of the entire inflows were made up of short product inflows, making it the highest inflow on record, the research shows that investors have experienced extremely unfavorable feelings over the past week.
Investors can short cryptocurrencies using short products, which allows them to wager on falling asset prices, according to data from mid November. At the time of writing, Ethereum is trading at $1184.97 a 0.14% rise from the previous day and about a 9.42% drop over the past 5 days.