Dormant Ethereum (ETH) Whale Reawakens to Spark Sell-off Fears By U.Today

By admin Dec17,2023

Dormant Ethereum (ETH) Whale Reawakens to Spark Sell-off Fears

U.Today – A dormant (ETH) whale is back to life after more than three years of inactivity. According to insights by crypto analytics platform Lookonchain, the once dormant whale has deposited a total of 5,000 ETH worth approximately $11.3 million to Coinbase (NASDAQ:).

Typically, when related deposits are made to crypto trading platforms, it is often a sign of a sell-off, and this appears to be what this whale is making a move at. According to market data, the Ethereum whale has been receiving funds since as early as 2017, when the price of Ethereum was still $60.

The last major inflow the whale received came about three years ago, when it bagged a total of 25,398.1 ETH. At the current market value of $2,281.29 per Ethereum, this fund is worth $57,940,431.549.

As the whale woke up, it conducted at least two test transactions featuring outbound 0.07 ETH and inbound 0.067 ETH, a move that might be intended to confirm it still has skin in the game. After the 5,000 ETH were moved, the whale is now left with 20,398 ETH worth approximately $45.88 million.

Reawakening dormant addresses now trendy

While the reawakening of the Ethereum whale address shows more hidden influential wallets within the network, the move is arguably as other major cryptocurrencies also see reawakening whale addresses.

As earlier by U.Today, an ICO-era Ethereum address woke up in late November and went on a selling spree on Kraken Exchange. At the time, the whale sent 3,000 to Kraken for potential liquidation, leaving the 5,172 ETH worth approximately $10.7 million.

Besides Ethereum, dormant (BTC) addresses are also in these reawakening and liquidation trends.

This article was originally published on U.Today

By admin

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