- 640K ETH had been transferred off Bitfinex 2 by an ETH whale.
- The transfer indicates the whale’s strategy to escape from the risk of crypto theft.
- Bitfinex’s 40 public wallets still hold more than 2 million ETH, suggesting the increase in non-zero addresses.
Data from ETH blockchain explorer Etherscan shows that 640K ETH had been transferred from Bitfinex 2, a crypto exchange, owned and operated by iFinex Inc. An Ethereum whale transferred the amount that is worth more than 25 million. However, It is also noteworthy that 40 public wallets of Bitfinex still hold 2.1 million ETH.
Usually, whales transfer their currencies from an exchange if they plan to hold their earnings for a longer period. Such a strategy is adopted by the whales as a precaution to avoid the possibility of theft when the exchange wallets with large amounts of money are threatened by crypto hackers.
Currently, the address that transferred the huge amount of currency has been identified. As per the records, the address is 0x14bbf6493b7923284e4957fa4de9f3c2b1bab120.
Notably, when large amounts of ETH are moved from an exchange, it is likely to have a massive increase in the price of the coin as it reduces the potential sell-side pressure. Also, the number of wallets holding at least a minimum of ETH has also increased after the transfer of the coins.
According to the report, the number of ETH non-zero addresses has reached an all-time high of more than 9 million. Since last week, the number of non-zero addresses has been increasing faster.
Earlier in November, an ETH whale transferred over $250 million worth of ETH to Bitfinex. Likewise, before ETH merge, another whale transferred 145,000 ETH to multiple wallets as the coin’s price rose to $2,000 in August 2022.