About Transferring Large Amounts of ETH

The first 143379 ETH transfer shared by Whale alert was from an anonymous wallet to a newly opened wallet

The second transfer, 49115 ETH, was from the Genesis Trading wallet to the newly opened wallet mentioned above.

The Bitcoin transfers that Whale Alert later shared belong to the company in question, so the transfers are directly related to Genesis Trading.

Genesis Trading is a company that offers cryptocurrency trading services. It provides institutional investors with services such as liquidity, market making and lending for digital assets. That is, it facilitated cryptocurrency trading and provided financial support for large investors, but it went bankrupt.

Most likely, Coinbase is buying these BTC and ETHs on its own, and then companies providing Spot ETF services will gradually buy these ETH and BTCs.

Since these are not bought and sold on stock exchanges, they do not directly affect the price.

Via: CryptoPNZ