Crypto whales were on the move over the weekend as several large transactions worth over $350 million were discovered on the Ethereum (ETH) network.
First spotted by blockchain tracking service Whale Alert, a deep-pocketed Ethereum holder moved 120,874 ETH worth over $177.17 million from an unknown wallet to another unknown wallet.
Another Ethereum whale moved 96,638 ETH worth over $141.81 million between two unidentified wallets about 45 minutes later.
A few moments later a third whale sent 26,636 ETH worth more than $39 million to crypto exchange Coinbase, where the crypto can potentially be sold on the open market.
Whale Alert also spotted a number of large altcoin transactions over the weekend, including the transfer of crypto assets to lending and lending protocol Aave (AAVE) and stablecoin-focused project Frax (FRAX).
The whale movements come as cryptocurrency for new market conditions after the collapse of Silicon Valley Bank (SVB) and the untying of stablecoins USDC and DAI.
Yesterday, the Federal Reserve announced the creation of a new Bank Term Funding Program in an effort to ease liquidity pressures and allow banks to meet the needs of their depositors.
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