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Dormant Ethereum (ETH) Whale Reawakens to Spark Sell-off Fears

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Thu, 14/12/2023 - 10:25
Dormant Ethereum (ETH) Whale Reawakens to Spark Sell-off Fears
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A dormant Ethereum (ETH) whale is back to life after more than three years of inactivity. According to insights shared by crypto analytics platform Lookonchain, the once dormant whale has deposited a total of 5,000 ETH worth approximately $11.3 million to Coinbase.

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Typically, when related deposits are made to crypto trading platforms, it is often a sign of a sell-off, and this appears to be what this whale is making a move at. According to market data, the Ethereum whale has been receiving funds since as early as 2017, when the price of Ethereum was still $60.

The last major inflow the whale received came about three years ago, when it bagged a total of 25,398.1 ETH. At the current market value of $2,281.29 per Ethereum, this fund is worth $57,940,431.549. 

As the whale woke up, it conducted at least two test transactions featuring outbound 0.07 ETH and inbound 0.067 ETH, a move that might be intended to confirm it still has skin in the game. After the 5,000 ETH were moved, the whale is now left with 20,398 ETH worth approximately $45.88 million.

Reawakening dormant addresses now trendy

While the reawakening of the Ethereum whale address shows more hidden influential wallets within the network, the move is arguably becoming a trend as other major cryptocurrencies also see reawakening whale addresses.

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As reported earlier by U.Today, an ICO-era Ethereum address woke up in late November and went on a selling spree on Kraken Exchange. At the time, the whale sent 3,000 to Kraken for potential liquidation, leaving the 5,172 ETH worth approximately $10.7 million.

Besides Ethereum, dormant Bitcoin (BTC) addresses are also prominently featured in these reawakening and liquidation trends.

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