A massive transfer of $72,999 ETH, which is approximately $129 million, has been recorded by blockchain monitoring site Whale Alert. The transfer was made from one wallet to another, both of which contained almost identical tokens, indicating that they are possibly associated with the same whale.

Following the transfer, the receiving wallet sent 83,000 ETH to an unidentified wallet, causing many to speculate on the purpose of the transfer. This comes in the wake of consistent purchases of Ethereum by whales throughout the week, with one whale spending $293M to buy 167,696 ETH from Gemini.

The statistics compiled by Glassnode show a marked increase in the number of ETH withdrawals from cryptocurrency exchanges, with the number currently standing at 3,181.030. This coincides with a new high of 96,112,215 “non-zero addresses” for Ethereum.

Furthermore, the market value of staked ETH on the Beacon chain has increased to $31.31 billion, with 17,852,023 ETH staked. This has been attributed to the increased staking activity due to the upcoming Ethereum Shanghai mainnet update, scheduled to take place on April 12 at 10:27:35 PM UTC.

These events highlight the increasing interest and investment in Ethereum, despite the volatility of the cryptocurrency market. With the Shanghai upgrade set to improve the performance and scalability of Ethereum, it is likely that the interest and investment will continue to grow.

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This article was republished from azcoinnews.com