A group of extremely savvy analysts started evaluating how much and where ETH transactions were being processed. What they found was a bit of a surprise.

According to the analysis, over 65 percent of all ETH transactions are generated using temporary addresses. In other words, funds come into the address and leave the address again, usually within an hour, and the addresses are never used again.

The finding, on the cyberFund blog, indicates that an ‘Ethereum mixer’ is moving funds into temporary addresses, mixing them around from address to address, and then outputting them into more fixed addresses on different exchanges. The graphic below indicates the process.

Source: https://cointelegraph.com/news/one-huge-ethereum-mixer-controlling-65-of-all-transactions-volume-analysts