A dormant Ethereum Whale has reactivated its wallet after more than eight years. This investor, who accumulated 398,889 $ETH between January 18 and March 10, 2016, at an average price of just $6 per ETH, has begun offloading their holdings according to LookonChain.
A whale that accumulated 398,889 $ETH(currently worth $1.34B) at an average price of ~$6 is selling $ETH again!
This whale accumulated 398,889 $ETH(then worth $2.4M) between Jan 18 and Mar 10, 2016, at an average cost of ~$6 per $ETH.
After remaining dormant for over 8 years,… pic.twitter.com/9rfw1IrdRt
— Lookonchain (@lookonchain) November 22, 2024
At the time of accumulation, the whale’s purchase was worth approximately $2.4 million. Today, however, the value of the wallet has skyrocketed to $1.34 billion, marking one of the most profitable trades in cryptocurrency history.
The reactivation occurred on November 7, and since then, the whale has sold 73,356 $ETH, equivalent to $244.42 million, based on current prices. Despite these substantial sales, the wallet still holds 325,533 ETH, valued at $1.1 billion.
Market Implications
The sudden reactivation of this whale has sparked speculation among traders and analysts. Such large-scale selling could signal a shift in market sentiment or be driven by profit taking after years of dormancy. The whale’s movements have added selling pressure to the market, causing concerns about potential price impacts.
However, Ethereum‘s strong fundamentals and ongoing adoption may help mitigate the effects of this selling spree. While $ETH price have been relatively stable, large-scale liquidations could introduce temporary volatility.
At press time, the price for ETH stands at $3,337.05 per token with a surge of 6.6% in the last 24 hours.
The Bigger Picture for Ethereum and Crypto Industry
Whale activities often serve as market indicators, and this particular wallet’s moves are no exception. Analysts are closely monitoring the remaining ETH in the wallet, speculating on how and when the whale might choose to sell the rest.
For now, this rare activity serves as a reminder of the massive gains early adopters of Ethereum have reaped over the years.
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