An ancient Ethereum whale has popped up after more than 5 years of inactivity. Whale Address amassed 10,266 ETH from mining in 2017 and recently withdrew the entire amount, worth approximately $16 million, from its wallet.
The move also included the transfer of 1,322 ETH worth approximately $2 million to the Poloniex exchange, suggesting that the whale may be planning to liquidate some of its holdings.
10,266 addresses that have been dormant for more than 5 years have been transferred $ ether ($16 million).
10,266 $ ether Obtained through mining in 2017.
Among them, 1,322 $ ether ($2 million) was transferred to #Poloniex.https://t.co/hsXiBh5iS2 pic.twitter.com/7L1nkx6Fe6
— Lookonchain (@lookonchain) March 6, 2023
The timing of the move is important as it coincides with Ethereum’s recent price drop, which saw it drop to local support. The whale’s sudden move is not an isolated incident, as other inactive whales have recently woken up and started moving large amounts of ETH.
The moves are seen as a sign of profit-taking activity, as these whales may be looking to cash out their holdings ahead of a potential market downturn.
The awakening of inactive whales on the Ethereum network is an important factor to consider as it can significantly affect the supply and demand dynamics of the cryptocurrency.
It’s worth noting, however, that whales are not necessarily bad guys, and their activity is often a natural part of market cycles.
We may see more profit-taking as Ethereum continues to fall.
In general, profiting from relatively small whales is likely to have no impact on the market, even if sold without proper allocation. However, Ethereum is not in the best position right now, which is why even a slight spike in sales activity can lead to a downtrend.
- Whales Abandon BTC and ETH – Another Bear Cycle Is Looming?
- Whale Made $5M Overnight Shorting BTC, ETH, and MATIC
according to Kyptos