Dormant Ethereum Whale Dumps $224M Tokens, Has ETH Price Topped?

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As an analyst with over two decades of experience in the financial markets, I have witnessed numerous unexpected events that have shaken the crypto world to its core. The recent awakening of a dormant Ethereum whale and its subsequent selling spree is no exception. While this event has certainly raised concerns among investors, it’s essential to keep a level head and consider the broader picture.

On Friday, an Ethereum investor (often referred to as a ‘whale’) unexpectedly sold large amounts of tokens, causing ripples throughout the cryptocurrency market. This whale’s sale was valued at approximately $224 million, sparking worries about potential price drops among crypto enthusiasts worldwide. However, despite these concerns, Ethereum’s price has risen significantly today, leading to widespread discussion and speculation about future trends within the industry.

Dormant Ethereum Whale Wakes Up To Sell, Investors Apprehensive

As a researcher examining recent blockchain activity, I’ve discovered an intriguing development: A dormant Ethereum account, inactive for eight years, has been reactivated and has begun offloading a substantial amount of tokens. Based on the data from Lookonchain, this whale executed transactions through multiple addresses to sell approximately $224 million worth of the specified token.

Remarkably, a whale acquired approximately 398,889 ETH during the period between January 18 and March 10 in 2016, at an average price of around $6 per token, totaling roughly $2.4 million. After eight years of inactivity, this whale became active again on November 7, 2024, and began to sell off its Ethereum holdings.

Currently, it’s been revealed that a whale has offloaded 73,356 ETH, equivalent to approximately $224.42 million. This significant sale has added selling pressure to the asset. Furthermore, the substantial amount of Ethereum still held by this whale is fueling speculation about his potential future actions.

On the other hand, it’s also noteworthy that the latest Whale Alert data indicated nearly 20.8 million ETH dumped to Coinbase. Although these dumps raised bearish market sentiments, the top crypto by market cap has defied usual trends to trade in the green territory.

ETH Price Soars Defying Selling Pressure

As a crypto investor, I’ve noticed some turbulence in the market today, but Ethereum (ETH) seems to be holding its ground. Currently, it’s trading at $3,337, marking a 5% increase from earlier today. The day’s lowest and highest points were $3,147 and $3,428.46 respectively. Interestingly, the monthly chart indicates a 29% rise for Ethereum, suggesting a positive trend. However, this bullish momentum has stirred some uncertainty among investors about its future direction.

The Coinglass data showed that Ethereum’s futures Open Interest (OI) grew by 10%, reaching $70.79 billion. Notably, this increase in derivatives volume spiked by 63% as well, reaching the same figure of $70.79 billion. This data suggests a positive outlook for Ethereum, fueling market anticipations even during significant sell-offs.

As a researcher, I’ve been closely observing the dynamic crypto market, and I can’t help but notice the positive signals pointed out by the latest CoinGape Media report concerning Ethereum. Given these bullish trends and the recent surge in its price, it seems that cryptocurrency analysts are maintaining a hopeful outlook on this asset, even amidst temporary selloffs.

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2024-11-22 15:32