Ethereum
Is an Ethereum sell-off imminent? Oldest Whale Transfers Millions to Coinbase
Ethereum (ETH) is experiences increased volatility as significant amounts of ETH are moved to Coinbase, sparking concerns among investors about a possible market sell-off. However, these transactions are being carried out by former whale wallets, which initially purchased Ethereum for just $11 per coin, and have now moved millions of ETH to Coinbase.
Oldest Ethereum Whales in Motion
According to data from OnchainDataNerd, the oldest Ethereum whale purchased 12,427 ETH from Poloniex, a crypto exchange, in 2016 at an average price of $11 per coin and has now deposited 4,153 ETH on Coinbase, which is currently valued at more than $12.17 million.
Some identify that the motive behind this transaction was to sell the 4,153 ETH at the current market price of $2,984 per coin, reflecting an impressive increase in value of 27,027.27%. This significant growth highlights the potential profits realized by early investors in Ethereum.
Another notable example within the crypto community involves another oldest whale that recently transferred 614 ETH to Kraken. This individual purchased these ETH five years ago at an average price of $195 per coin. However, the ETH they sent to the exchange is now worth $1.79 million. Notably, this investor still holds 1,329 ETH, valued at nearly $4 million, in his wallet.
Hints of a huge ETH sell-off
On the other hand, Whale Alert, a popular cryptocurrency tracker, also reported several transactions in which unidentified whales moved large amounts of ETH to Coinbase. These transactions, including 30,020 ETH, 11,192 ETH, and 11,207 ETH, are collectively valued in the tens of millions of dollars.
These activities suggest the possibility of sale by major holders who are taking advantage of Ethereum’s recent price surge.
Revamping old Bitcoin wallets
Furthermore, in addition to the Ethereum activity, Coinpedia previously reported the awakening of old Bitcoin wallets that have been dormant for 10.3 years. These wallets recently transferred a substantial sum of 687.33 BTC to two undisclosed wallets, worth a total of $43.89 million.
The sudden awakening of old wallets and the movement of large ETH holdings to exchanges signals a potential shift in the cryptocurrency market, hinting at upcoming sell-offs amid profit-taking.
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