A crypto whale trader has reportedly made a large Ethereum transfer worth $5,025,871 at press time through Uniswap.
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In a tweet affirming this, on November 4 from @whale_alert, the transfer made was 13,302 Eth coming to an approximate worth of $5,025,871. This undoubtedly brings to our knowledge that the activities of crypto whales in the market have not been going unnoticed.
Whales are traders that own a large store of a particular kind cryptocurrency while Uniswap is a decentralized Automated Market Maker developed on the Ethereum blockchain and allows for decentralized token swaps.
Decentralized Exchange (DEX) trading platforms like Uniswap allow the exchange of Ethereum and Ethereum based tokens on Uniswap without having to trust anyone with their funds.
Read Also: $24 Million Lost in Another DeFi Flashloan Economic Attack.
The unusual ETH transfer is correlated with much higher price volatility, with ETH prices going down in the first 24 hours and going back up the following 24 hours.
For tokens moving in or out of exchanges, it is essentially the same thing, but on a larger scale. Though, most tokens have much lower trading volume and market cap than its parent blockchain, compared to ETH which makes tokens naturally more sensitive to price movements.
The movements of assets between wallets (personal to personal or personal to exchange wallet) can be seen as an intent to make a trade or hold(keeps). When assets are moved into an exchange wallet, then obviously there is an intention to make a trade in short-term or engage in DeFi offerings as this could likely be the case in the transfer to Uniswap.
Currently, Ethereum’s market cap is $43.77B; price is -1.3% in the last 24 hours and trades at $383 with a daily trading volume of $8.59B at press time.