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Unknown Ethereum Transactions Are Rising

Ethereum, the world’s second-largest cryptocurrency, has increased more than 20% in the last 7 days. The digital asset now has a market cap of over $204 billion. Anonymous Ethereum whales are moving ETH in large amounts from leading exchanges to crypto wallets.

According to the latest data published by Whale Alert, an unknown user moved 100,000 ETH worth over $180 million to an anonymous wallet. The user paid in total a fee of 0.0036 ETH ($6) for the entire transaction. The mentioned transfer was executed on 12 March, at 8:50 UTC.

In a separate transaction, a crypto user moved 57,590 ETH to an unknown wallet. The recent price surge is accelerating anonymous Ethereum transactions on the network.

Finance Magnates earlier reported about the dominance of Ethereum whales. The number of ETH addresses with at least 10,000 ETH now hold nearly 68% of the total supply. Santiment, a crypto analytics firm, mentioned that Ethereum whales are now holding the highest percentage of ETH supply since November 2017.

The world’s second-largest crypto asset has gained significant value in the last 10 weeks. Ethereum started this year at a price level of $745, and now the cryptocurrency is trading near $1,800.

Vitalik Buterin on Ethereum 2.0

The Co-founder of Ethereum mentioned that the upcoming network upgrade will solve Ethereum’s scaling issues. During a conversation at the Tim Ferriss podcast, Buterin said that the upcoming rollups will solve several network problems.

“The thing to remember is that if you have rollups, but you do not have sharding, you still have 100X factor scaling, right? You still have the ability for the blockchain to go up to somewhere between 1,000 and 4,000 transactions a second, depending on how complex these transactions are,” Buterin said.

Ethereum 2.0 started its journey in December 2020 with the launch of Beacon Chain. ETH community supported the network upgrade, and the deposit contract of ETH 2.0 crossed 3 million Ethereum in February 2021. According to the latest data provided by Etherscan, ETH 2.0 now has more than 3.4 million ETH under its deposit contract.

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