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- A dormant Ethereum whale resurfaces, selling ETH for the first time in eight years, drawing market attention.
- Strategic ETH sales reflect calculated moves, aligning with bullish on-chain metrics and long-term holding trends.
A long-dormant Ethereum whale has reappeared, causing tremors in the crypto market. According to Lookonchain, between January 18 and March 10, 2016, this whale collected 398,689 ETH at an average cost of approximately $6 per coin.
This outlay at the time amounted to around $2.4 million. As Ethereum’s value skyrocketed over time, the ownership skyrocketed as well, estimated to be $1.34 billion.
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
ETH Sales Highlight Whale’s Strategic Market Moves
Starting on November 7, 2024, the whale started selling ETH; since then, it has offloaded 73,356 ETH, therefore translating to around $224 million in market value. The address still has a significant balance of 325,533 ETH, worth about $1.1 billion notwithstanding these sales.
Such big movements by well-known investors can cause worries about market effects since major sell-offs might affect Ethereum’s liquidity and price dynamics. Still, the staggered character of these exchanges points to a deliberate strategy to minimize needless disturbance.
This conduct emphasizes a larger pattern whereby early adopters or long-term holders of cryptocurrencies grab chances during market swings to make significant gains.
It also emphasizes the strategic patience sometimes shown by big market players, who, by their actions, can significantly affect the sentiment and behavior of the market. These sales coincide with Ethereum’s recent substantial gain, suggesting that the whale is profiting from ideal market conditions.
Meanwhile, ETH is swapped hands at about $3,328.90 as of writing; over the last 7 days, it has gained 6.68%, and over the last 30 days, it has grown impressively 30.65%.
Also, as we previously noted, tradingView analyst CobraVanguard’s highlighting of Ethereum’s ascending triangle pattern and bullish divergence points to great growth potential. On-chain data highlight strong investor holding tendencies, so supporting Ethereum’s capacity to maybe reach $7,000 in the not too distant future.
