Ethereum large holders move $2 billion in two hours

Gino Matos

Aug. 7, 2024

Meanwhile, spot Ethereum ETFs see nearly $100 million in inflows, second-largest since launch.

Ethereum large holders move $2 billion in ETH in two hours

Key Takeaways

Dormant ETH addresses linked to PlusToken moved $2 billion after three years.
Spot Ethereum ETFs saw $100 million inflows, the second-largest since launch.

Large Ethereum (ETH) holders moved 820,000 ETH in the past 24 hours, equivalent to over $2 billion. As reported by the user Lookonchain on X (formerly Twitter), market maker Jump Crypto transferred over $29 million for sale and redeemed $48 million from the liquid staking protocol Lido.

Notably, ETH addresses dormant for over three years moved $2 billion in ETH two hours ago, which amounts to 789,533 ETH. Lookonchain tied the addresses to the now-defunct Chinese Ponzi scheme PlusToken, which was dismantled in November 2020, and had $4.2 billion in crypto seized.

“Through on-chain tracking, we found that these funds came from the wallet ‘Plus Token Ponzi 2’. Plus Token Ponzi 2 dispersed 789,533 ETH to thousands of wallets in 2020 and has not moved since April 2021,” added the X user.

This news might have impacted ETH’s price, as it suffered a 2.2% pullback in the past hour at the time of writing, the most significant correction among the 20 largest crypto by market cap.

Ethereum ETFs register positive flows

Meanwhile, the spot Ethereum exchange-traded funds (ETF) traded in the US registered nearly $100 million in inflows on Aug. 6, making it the second-largest net inflows since their launch on July 23.

As reported by Crypto Briefing, Grayscale’s ETF, ETHE, saw nearly $40 million in outflows yesterday, marking the smallest amount since its conversion from a trust. Moreover, Ethereum ETFs registered $265 million in daily trading volume on Tuesday, according to data from DefiLlama.

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