*Whales Alert* 240 million worth Ethereum moved and only $200 paid in fees.

Shallow

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Quote from: Juggy777 on April 25, 2020, 08:28:40 AM

As Ethereum prices are increasing it seems that whales are busy cashing out their Ethereum stash as around 240 million worth of Ethereum was moved, and only $200 was paid in fees and it’s important to focus on the fees part because our banks would never have transferred for such low fees. Also what do you’ll make of this move are the whales anticipating a crash in Ethereum prices, or it’s just a normal transfer and Ethereum prices will yet rise?.

https://www.cryptopolitan.com/whales-move-240-million-ethereum-price/

https://en.longhash.com/news/crypto-vs-bank-transfers-a-fee-comparison

https://www.newsbtc.com/2020/04/24/ethereum-is-vulnerable-to-an-intense-correction-on-chain-metrics-show/

My main interest is on the fees; transferring such amount with such fees goes a long way in showing how ready the crypto space is in proving that indeed it can to an extent offer better services than the banking sector. This is true because, hardly can any bank process such transactions with such fees in addition to passing through rigorous steps. Lastly, although the Ethereum blockchain isn't that fast but yet the transaction occurred as fast as possible while taking place without any third-party; this in all ramifications is quite different from the banking sector.

robelneo

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Quote from: Juggy777 on April 25, 2020, 08:28:40 AM

As Ethereum prices are increasing it seems that whales are busy cashing out their Ethereum stash as around 240 million worth of Ethereum was moved, and only $200 was paid in fees and it’s important to focus on the fees part because our banks would never have transferred for such low fees. Also what do you’ll make of this move are the whales anticipating a crash in Ethereum prices, or it’s just a normal transfer and Ethereum prices will yet rise?.

https://www.cryptopolitan.com/whales-move-240-million-ethereum-price/

https://en.longhash.com/news/crypto-vs-bank-transfers-a-fee-comparison

https://www.newsbtc.com/2020/04/24/ethereum-is-vulnerable-to-an-intense-correction-on-chain-metrics-show/

I don't see the cashing out as something to be panic about, Ethereum is very much stable to where he is at right now, this is the beauty of Cryptocurrency no banks or remittance company can do this, it's fast it's cheap and stable, you will have to do KYC and a lot of documentation if you are going to transfer something like that using a bank.

Lizzylove1

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Thanks for posting this here. I have helped to friends to buy some few ETH at $155 and $180 respectively. Was expecting ethereum to hit $200 before telling them to liquidate some of their position, with this report, I will show them the various blog post to be well prepared for any possible manipulation, for possible swing trading.

jossiel

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It might be a matter of transfer for safekeeping purposes. But yes, we should to the perspective about the fees with this transfer. $200 isn't that much for a $240-M transfer.

I remember the huge transfer for bitcoin last time and the fee was much cheaper than this one.

Bitcoin Fees: $300 million worth Bitcoin transferred for 4 cents as fees

meanwords

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If that person really where to sell that, I'm sure that he will lose profit instead of selling it bit by bit, I assume he is not stupid enough to do that. But I wouldn't really be scared since it is ETH, it doesn't really matter to other altcoins whether they crash or not. If the buying power is more than the selling power of the whale (Assuming that he really is selling it bit by bit) then there's no reason for ETH not to rise in price.

But for that amount, what's more impressive is the fee he paid to transfer such huge amount. Maybe that's the reason he use ETH? to transfer that amount then make it fiat again?

crwth

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Imagine life without cryptocurrencies and with a lot of banking fees to be collected. That's going to be a damn percentage of that 240 million worth for sure. There are a lot of people that would be part of that transaction and possibly have their cuts on that big pie. Oh what an amazing time we have here today.

As for the result of that transfer, if I would be the owner of that, I would just stash it completely. If I want to splurge or invest in something, I would cash out a few of it, not all.

Little Mouse

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We do not know it is a sale or not since we have no clue on the address owner. However, it is possible that someone with big bag is cashing out although he knew that ETH 2 is upcoming? This is another strange!!
I do not know how ETH fee works but it seems it was high than BTC if there was limited input and output.

pakhitheboss

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I do not think this transfer is meant for selling it on the exchange. I think it is a general transfer, those who believe in the project know that after Ethereum 2.0 is launched the price will go up.

Reduced fee for transferring a huge chunk of money globally is one of the best features of Ethereum. No one can imagine only $200 fee for transferring 240 million in fiat currency.

thisnewcoin

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I had a strong believe that with the recent growth in Ethereum price, we could see ETH at 250$, but as Whales are cashing out a significant number of Ethereum, then I don't think the price will increase now! But through this, now we know a great positive side of Ethereum that its fees are such a low! No banks ever allow such transaction only by 200$ fee!

jacafbiz

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For the low fees, that is what Crypto offers, there are many big transactions that the fee is not even up to $200, that is why bank is fight tooth and nail not to lose their cash cow from remittance fees. If the fund is not moved to exchange their is no need to panic, people would start worrying if it was transferred into an exchange

kingzpro

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You never know i mean it could have been that a person transferred his portfolio to a new and better wallet because whales are very clever and everyone is aiming at atleast 1k mark due to Eth 2.0, switching to POS and other improvements in eth network already we have seen people making predictions of over 5k as a peak in next bull run for eth so selling now does not sound wise to me.

GucciBoy

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In theory it's a very low fee compared to what you'd have paid on the BTC network. HOWEVER, you could move the same amount of money on the BTC chain for a FRACTION of that price in fee's over the Lightning Network.

The Lightning Network quickly becomes very centralized as the incentive to run a node is non-existent on the BTC chain itself, as the fee's collected by the node owner is very low.
- That's where Stakenet comes in, they're implementing an eco-system of masternodes, who's gonna run masternodes with Lightning Network nodes on top, which allows cross chain off-chain transactions on a peer 2 peer layer, or in simple words - Through their DEX.

This means, you can trade instantly on their Lighting Network compatible DEX, which is an integrated part of their Multi Currency Wallet, which also has Lightning Swaps integrated.

The fees you guys THINK is "low" is really not that low, as transactions on the Lightning Network goes as low as 1 satoshi / transaction.

Do your own research on Stakenet, seriously.

Akiko

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Maybe the reason why its move because owner of that coins is preparing to manipulate the price of ETH , or else preparing to selling it when the times come that there are hype created in btc halving.

As long as that large amount will not sell directly to the exchange I don't think this will be problem, hopefully this only transfer to their own wallet after accumulating.

casperBGD

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Quote from: Juggy777 on April 25, 2020, 08:28:40 AM

As Ethereum prices are increasing it seems that whales are busy cashing out their Ethereum stash as around 240 million worth of Ethereum was moved, and only $200 was paid in fees and it’s important to focus on the fees part because our banks would never have transferred for such low fees. Also what do you’ll make of this move are the whales anticipating a crash in Ethereum prices, or it’s just a normal transfer and Ethereum prices will yet rise?.

https://www.cryptopolitan.com/whales-move-240-million-ethereum-price/

https://en.longhash.com/news/crypto-vs-bank-transfers-a-fee-comparison

https://www.newsbtc.com/2020/04/24/ethereum-is-vulnerable-to-an-intense-correction-on-chain-metrics-show/

it is great to have a possibility to move than kind of money with 200USD in fees
i do not think that crash is anticipated, i do not say that they will not cash-out at the moment, but you know, for every seller, there is a buyer, for a market to have continuum, and as well for every buyer there is a seller, and at the moment we have a buying pressure, so the price is going up, this could increase selling pressure, but with halving in less than 20 days, i would not call for a crash

Juggy777

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As Ethereum prices are increasing it seems that whales are busy cashing out their Ethereum stash as around 240 million worth of Ethereum was moved, and only $200 was paid in fees and it’s important to focus on the fees part because our banks would never have transferred for such low fees. Also what do you’ll make of this move are the whales anticipating a crash in Ethereum prices, or it’s just a normal transfer and Ethereum prices will yet rise?.

https://www.cryptopolitan.com/whales-move-240-million-ethereum-price/

https://en.longhash.com/news/crypto-vs-bank-transfers-a-fee-comparison

https://www.newsbtc.com/2020/04/24/ethereum-is-vulnerable-to-an-intense-correction-on-chain-metrics-show/

Topic: *Whales Alert* 240 million worth Ethereum moved and only $200 paid in fees. (Read 190 times)

Topic: Whales Alert 240 million worth Ethereum moved and only $200 paid in fees. (Read 190 times)