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Ancient Whale Sends Millions in ETH to Coinbase – Sell-off Coming?

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Mon, 13/05/2024 - 10:01
Ancient Whale Sends Millions in ETH to Coinbase – Sell-off Coming?
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According to data published by @OnchainDataNerd analytics account, an ancient Ethereum wallet has made another massive crypto transaction, moving millions in ETH to the largest exchange in the U.S. – Coinbase.

Along with other large ETH transactions to the same and other large exchanges, this may be indicative of an approaching sell-off.

Old whale sends ETH to Coinbase along with other whales

The aforementioned tweet stated that a cryptocurrency whale that set up his wallet eight years ago (in 2016) has made another large transaction to U.S.-based crypto exchange Coinbase, the only publicly traded exchange in the country so far.

This whale bought 12,427 ETH on Poloniex at an average price of $11. Now, they are selling 4,153 ETH at $2,984 per coin – that is whopping 27,027.27% growth. The ETH they sent to Coinbase is now worth more than $12 million in fiat.

Another old whale moved 614 ETH to Kraken several hours ago. They bought it five years ago at an average price of $195. The ETH they sent to the exchange is evaluated at $1.79 million. This whale still has 1,329 ETH worth almost $4 million in their cryptocurrency wallet.

Related

More whales sending ETH to exchanges now

Popular cryptocurrency tracker Whale Alert has spotted a couple of tremendous ETH transactions made to Coinbase. Three anonymous transactions carrying hefty Ethereum amounts to Coinbase have been spotted over the last 24 hours.

Three different unknown whales shoveled 30,020 ETH; 11,192 ETH and 11,207 ETH to this centralized crypto exchange. The first transaction, however, went to Coinbase Institutional. These Ethereum lumps were evaluated at $86,959,077; $32,273,912 and $32,683,631.

Satoshi-era Bitcoin wallets awakening

The above-mentioned source, Whale Alert, also noticed two old Bitcoin wallets coming back to life after a staggering period of dormancy. Both were last active almost eleven years ago, in 2013 – that is two years after mysterious Bitcoin creator Satoshi Nakamoto chose to disappear from the public space. Before he disappeared, he left BTC in the hands of enthusiastic developers.

Each of these wallets contained 500 Bitcoins evaluated at $30,514,975 and $30,494,084. The whales’ potential profit has increased by an astounding 49,274%.

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