On the 28th of June, three of the four most-profitable NFT traders on the Nansen ranking sent 100+ ETH at almost the same time to the Gemini exchange.
This comes off as odd to other users as their accounts were pretty inactive before the transfer. Also, the ETH sent were from different sources.
As shown on Etherscan, the NFT traders deposited 122 ETH, 171 ETH, and 115 ETH respectively. They all deposited at least a hundred thousand dollars worth of ETH within the same time frame.
This has got a lot of users talking and so many speculations on what they may be using the money for and the identity of the users have been circulating.
Speculations on the Big Move
Some members of the Nansen community have suggested that the tokens were sent to big influencers for the promotion of an NFT project.
Judging from previous activities, another user observed that the wallet activities were all very different and no harmonious pattern was spotted.
Some other community members guessed that an individual used three different addresses. Still, others believe the addresses belong to multiple NFT traders operating in the same organization.
As previous big moves have shown, there also exists the possibility of the trades being executed by bots or snipers.
One Twitter user also claimed that a new “amazing” project found four top performers on Nansen and offered them seed round investments. While three agreed, the fourth trader turned down the offer.
Although this conclusion seems to be true, the questions remain unanswered. At the moment, no credible source has been able to tell who the users are and what the funds sent were used for.
Many individuals in the ecosystem are curious to know why the sudden big moves occurred.
Interestingly, while the market is on a decline, the bulk withdrawals reveal that some traders are still in huge profits. The current market price of ETH is $1,113 and the time may just be right for NFT fans to acquire NFTs and metaverse assets as the market is hugely discounted.
