After almost four years of wallet inactivity, two whales were found to have suddenly moved their holdings of the second largest cryptocurrency Ethereum (ETH) while the crypto market was still showing bearish movements.
If noticed, investors were more interested when 22,982 ETH worth $27.2 million were transferred to two new addresses.
Aside from the whales, now-bankrupt crypto-lending company Three Arrows Capital (3AC) also made a similar move by transferring a large amount of ETH on December 19 while 2,000 ETH ($2.38 million) was issued by Binance.
The following withdrawal activity reportedly occurred as the crypto price was in a recovery momentum, with ETH down over 20% reaching its support level again after reaching a high of $1,352.
Earlier, ETH completed the transition from proof-of-work (PoW) to proof-of-stake (PoS), but now they are focusing on the ETH liquid staking solution after the transition, which is called The Merge, has been completed.
Although the ETH price did not see any impact after the Merge, stETH* has climbed by 127% in its average trading volume.
*ETH liquid token and staking version issued by Lido decentralized financial and betting protocol
It is also worth noting that ETH is expected to soar after its plan to establish a hard fork called "Shanghai" is launched in March 2023 and continues with the introduction of sharding*.
*Database partitioning techniques used by blockchain companies with the aim of scalability, allowing them to process more transactions per second
