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According to on-chain data, a large amount of 13,500 ETH has been transferred from Bitfinex, a major crypto exchange, to an unknown wallet.

The transfer of a substantial amount of Ethereum from Bitfinex to an unknown wallet has led to speculation within the cryptocurrency community about the possibility of a whale buying Ethereum.

The transfer was spotted and reported by Whale Alert, a service that tracks large cryptocurrency transactions: "13,500 ETH worth $47,991,234 was transferred from Bitfinex to an unknown wallet."

This transaction, however, is just the beginning of the story. According to further information obtained from Etherscan, the whale then proceeded to deposit the entire sum — 13,500 ETH — to the Spark Protocol, an emerging decentralized finance (DeFi) platform.

SparkLend is a DeFi lending platform that leverages a credit line from Maker. By moving the substantial sum of ETH to Spark protocol, the whale may be positioning itself for participation in DeFi activities such as staking, lending or yield farming, which have become increasingly popular among investors seeking to maximize their returns on investment.

Ethereum price action

At the time of writing, ETH was down 4.22% in the last 24 hours to $3,469, in line with recent market volatility.

Crypto analyst Ali suggests what might be the most brutal scenario for Ethereum right now: breaching the $3,400 support level. According to Ali, such a move could confirm a bear pennant formation on the daily chart, potentially triggering a major correction for ETH down to $2,800.

In another piece of news, Ethereum creator Vitalik Buterin, in a recent blog post, unveiled the next steps in the "Purge" roadmap for ETH, which includes EIP-6780.

EIP-6780 simplifies the Ethereum protocol by reducing the functionality of the "Selfdestruct" opcode, which destroys the contract that calls it and empties its code and storage so that it only works if the contract was created during the same transaction.