A single wallet address pushed up Ethereum prices on DeFi exchange Uniswap to just short of $450. The trade involved a series of swaps totaling $17.9 million USDT to purchase slightly over 40,000 ETH.
With ETH prices at about $400, the trade was valued at about $16 million—equating to a loss of almost $2 million to slippage. The whale received the USDT from an address associated with cryptocurrency exchange Huobi. The ETH was then parceled out to several freshly minted addresses.