An Ethereum holder, inactive for the last eight years, has suddenly emerged, transferring a substantial amount of Ether to a new address.
The holder, who joined during the Ethereum initial coin offering (ICO), transferred all their 8,000 Ether ($14.7 million) into a new account, according to data from Etherscan.
The transaction's value has left the crypto community intrigued, sparking conversations about what this so-called "whale," an individual or organization holding a significant amount of a cryptocurrency, might do next.
Crypto market watchers are speculating about the potential implications of this activity given that it is the second significant Ethereum whale to emerge in less than two weeks. Earlier this month, another Ethereum whale resurfaced after over two years of dormancy. The whale, another early participant in Ethereum's initial coin offering (ICO), staked 4,032 ETH, equivalent to approximately $7.4 million. This stake marked their first activity in 2.4 years and spurred a considerable amount of speculation and excitement within the crypto community.
Both instances have left traders and analysts wondering whether this is the start of a new trend among early Ethereum investors or whether these are isolated events. If it is the former, the impact on the Ethereum market could be substantial given the potentially large number of coins these early participants hold. As such, traders are keeping a close eye on whale activities, especially the potential for large sell-offs that could cause sudden price movements.
At press time, the price of Ethereum stands at $1,848, according to CoinGecko data, with a 24-hour trading volume of over $5 billion and a market cap exceeding $222 billion. The Bitcoin competitor has seen a relatively stable 24-hour range of $1,818.77 to $1,859.33.