The second largest crypto has increased over 20% in the last 7 days, accruing a market cap of over $204 billion in the process. As it happens, Ethereum whales are moving large sums of ETH out of exchanges into unknown wallets.

Want to acquire Bitcoin, Ethereum and other crypto? Start here

ETH supply on exchanges trending lower since August 2020
ETH supply on exchanges trending lower since August 2020

According to Whale Alert data, an unknown user moved 100,000 ETH worth over $180  million to an anonymous wallet. The user paid a fee of 0.0036 ETH ($6) for the entire transaction. The transfer was executed on March 12.

Separately, another crypto user moved 57,590 ETH to another unknown wallet in what appears to be an uptick of anonymous transactions on the network covered by Whale Alert.

Meanwhile, data from crypto analytics firm Santiment reveals that the  number of ETH addresses with at least 10,000 ETH now hold nearly 68% of the total supply. Ethereum whales are  now holding the highest percentage of ETH supply since November 2017.

The world’s second-largest crypto asset has garnered significant media attention and value in the last few months.

Ethereum started the year at a $745 price-tag. Today, it trades near $1,800.

Vitalik Buterin on ETH 2.0

Co-founder of Ethereum Vitalik mentioned that the upcoming network  upgrade will solve scaling on Ethereum on several occasions.

In a conversation on the Tim Ferris Podcast, he said: “The thing to remember is that if  you have rollups, but you do not have sharding, you still have 100X  factor scaling, right? You still have the ability for the blockchain to  go up to somewhere between 1,000 and 4,000 transactions a second,  depending on how complex these transactions are.

In December 2020, the ETH 2.0 transition began with the launch of Beacon Chain. This month, the Optimism Mainnet (a layer 2 scaling solution) goes live. And in July, EIP-1559 – which is a complete update for the ETH fee structure will launch too.

According to the latest data provided by  Etherscan, ETH 2.0 now has more than 3.4 million ETH under its deposit  contract.

Subscribe to the semi-weekly newsletter for regular insight into bitcoin and crypto. Go on. It’s free.

Join the telegram channel for updates, charts, ideas and deals.

Did you like the article? Share it!