Ethereum Wallet Sells All ETH Holdings After Years of Inactivity
A long-dormant Ethereum (ETH) wallet recently sold all its ETH, totaling $4.18 million, according to crypto tracker Lookonchain. The wallet had been holding onto 2,591 ETH since November 2018 when the cryptocurrency was valued at around $110. With Ethereum currently trading at $1,634, the wallet’s holdings increased by an impressive 1,385% over nearly five years.
Large Wallets Dump Ethereum Holdings
Lookonchain also reveals that another large wallet, which had been inactive for two years, transferred 10,000 ETH worth $16.5 million last week. The same wallet later deposited 10,000 ETH into three different crypto exchanges. This week, the wallet transferred an additional 10,000 ETH.
Bearish Behavior of Ethereum Whales
Crypto analytics firm Santiment reports that Ethereum whales have demonstrated bearish behavior in Q2 and Q3 of 2023. Addresses holding between 10 and 10,000 ETH saw a significant decrease in supply over a four-month period. Profit taking from these addresses occurred as the price reached a one-year high of approximately $2,120.
Hot Take: Ethereum Whales Make Moves
Ethereum whales are making significant moves in the market as they sell off their ETH holdings after long periods of inactivity. This trend has been observed in multiple large wallets recently. These actions by whales indicate a bearish sentiment and could potentially impact the overall price and market sentiment for Ethereum.
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