The largest altcoin, Ethereum, also fell below $1,800 as Bitcoin (BTC) fell below $28,000.
While $1,900 levels are now expected in ETH, a whale staked $95 million worth of ETH.
Popular on-chain data platform Lookonchain announced today that a whale has recently staked 53,024 Ethereum worth $95.5 million through DeFi platform Abyss Finance.
Looking at the whale's wallet's historical data, Lookonchain stated that this whale purchased its ETHs from various exchanges in 2017 and 2018 at an average cost of $368.
“A whale staked 53,024 Ethereum ($95.5M) 2 hours ago via Abyss Finance.
Looking at the on-chain data, we saw that this whale's ETH was purchased in 2017 and 2018 from Poloniex, Gemini, Bittrex and other exchanges at an average cost of $368."
A whale staked all 53,024 $ETH ($95.5M) through Abyss Finance 2 hrs ago.
Through on-chain data tracking, we found that the $ETH of the whale was bought from #Poloniex, #Gemini, #Bittrex and other exchanges in 2017 and 2018, with an average buying cost of ~$368. pic.twitter.com/BgdOAOikNI
— Lookonchain (@lookonchain) March 31, 2023
What Does Staking Mean?
Staking refers to keeping a cryptocurrency in a cryptocurrency wallet for a period of time without spending it, transferring it, or using it for other transactions.
In this context, the fact that this whale is staking a large amount of Ethereum can be interpreted as waiting for a rise in ETH.
*Not investment advice.
