Giant Whale Address Pledges $95.5 Million: What On-Chain Data Tells Us?

03/31/2023 05:51 • Blockchain Briefs • 99 views

On March 31, according to Lookonchain monitoring, two hours ago, the giant whale address starting with 0xDe12 pledged all 53024 ETHs (approximately $95.5 million) through Abyss Finance. Through on-chain data tracking, it is found that the ETH of this address was purchased from exchanges such as Poloniex, Gemini, Bittrex, etc. in 2017 and 2018, with an average purchase cost of $368.

An address pledged more than 50000 ETHs through Abyss Finance today, approximately $95.5 million

On March 31, 2021, Lookonchain monitoring reported that a giant whale address starting with 0xDe12 pledged all 53024 ETHs (approximately $95.5 million) through Abyss Finance. What’s even more interesting is the trail of on-chain data that has come to light after the event. Through meticulous tracking, it has been found that the ETHs of this address were purchased from exchanges such as Poloniex, Gemini, Bittrex, etc. in 2017 and 2018, with an average purchase cost of $368.

The Background of the Event

The crypto market has been buzzing with activities in the past weeks, with the bearish movement in early March being replaced by a bullish run towards the end. More and more institutional investors are joining the game, and it seems like the perfect atmosphere for action. Then, came the news of the giant whale address pledging $95.5 million through Abyss Finance.

What Is A Giant Whale Address?

A giant whale address is a term used to describe a crypto wallet that holds a significant amount of assets. These wallets belong mainly to early adopters, investors, or miners who have amassed a vast amount of crypto-assets over time. Since the blockchain is transparent, one can easily print out details of the wallet’s contents, including past transactions.

The Significance of The This Pledge

The pledge of $95.5 million by a giant whale address is not a small feat, considering the current market cap of Ether. The pledge makes up 0.027% of the total Ether supply, although this fraction might seem meager, it is still a significant amount. This move signals a bullish outlook for the cryptocurrency as more institutional investors and even retail investors join the market.

On-Chain Data Tells Us More

Through on-chain data tracking, it has been found that the ETH of this address was purchased from exchanges such as Poloniex, Gemini, Bittrex, etc. in 2017 and 2018, with an average purchase cost of $368. This information affirms that the giant whale address is an early adopter of Ether and has held on to the asset until now. Holding onto crypto assets for an extended period is common practice in the crypto community as the market is notorious for its volatility.

The Significance of This Information

This information is significant to the crypto community as it demonstrates the credibility of the pledge. Since the ETHs were purchased from reputable exchanges in 2017 and 2018, there is a higher chance that the assets held in the giant whale address are legitimate. Concerns about the legitimacy of the pledge can cause panic in the market, potentially leading to a bearish run. The ability to track the ETH’s origins is also essential as it affirms the credibility of the blockchain system.

Conclusion

In conclusion, the pledge of $95.5 million through Abyss Finance by the giant whale address starting with 0xDe12 is a significant event in the crypto market. The on-chain data tracking of the transaction’s origins and cost increases transparency and trust between investors and the crypto market. The bullish run that the market is currently experiencing signals potential future growth for the crypto market as a whole.

FAQs

#Q1: What is a giant whale address?

A1: A giant whale address is a term used to describe a crypto wallet that holds a significant amount of assets. These wallets belong mainly to early adopters, investors or miners who have amassed a vast amount of crypto assets over time.

#Q2: What is on-chain data tracking?

A2: On-chain data tracking is the process of tracking transactions on a blockchain network. It helps to increase transparency and trust between investors and the crypto market.

#Q3: What is the implication of the $95.5 million pledge through Abyss Finance?

A3: The $95.5 million pledge through Abyss Finance signals a bullish outlook for the cryptocurrency as more institutional investors and even retail investors join the market.

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