Ethereum, the world’s second-largest digital currency, reported a spike in its network activity during the last few days amid a record rally in the price of ETH. Crypto whales accelerated the movement of Ethereum this week after ETH crossed the $4,000 price level.
According to the latest data published by crypto analytics firm Whale Alert, a large Ethereum address moved 46,793 ETH worth more than $181 million to cryptocurrency exchange Binance. The mentioned transaction was executed on 11 May at 4:01 UTC.
The latest Ethereum transaction from a crypto wallet to digital exchange Binance came as a surprise as leading crypto exchanges around the world reported massive ETH outflows during the last few days. According to Glassnode, cryptocurrency exchanges now hold nearly 12% of the total ETH supply, compared to 17% in September 2020.
ETH touched an all-time high of nearly $4,200 yesterday after the market cap of the world’s second-most valuable digital currency reached approximately $480 billion. Despite a small correction of 5% in the last 24 hours, Ethereum is up by more than 16% in the last 7 days.
Large ETH accounts are moving Ethereum from crypto exchanges to unknown wallets. Whale Alert highlighted a crypto transaction earlier today involving the movement of 30,000 ETH worth over $115 million from Crypto.com to an unknown digital wallet. A large Ethereum account transferred 15,400 ETH on 11 May from cryptocurrency exchange Gemini to an unknown digital wallet. A surge in ETH-related institutional inflows is also playing a major role in the movement of the world’s second-most valuable cryptocurrency in large amounts. CoinShares, a leading digital asset management firm, recently published its weekly digital asset fund inflows report and mentioned that Ethereum investment products attracted $60 million worth of institutional inflows last week.
The latest jump in the price of ETH has pushed the total value of Grayscale’s Ethereum assets under management to $12.5 billion. The company now holds more than 3.1 million ETH along with 650,000 Bitcoin (BTC).