After eight years of dormancy, an inactive Ethereum whale reemerged and sold $224 million worth of the cryptocurrency, causing concerns about a potential decline in the price of Ethereum.
A dormant Ethereum whale caused a stir across the broader market on Friday, significantly dumping tokens amid the hovering bullish sentiment in an unprecedented event.
Recent data has indicated that the whale sold tokens valued at nearly $224 million, which has prompted concerns among crypto devotees worldwide about a potential price decline. Nevertheless, the price of ETH experienced a significant increase today, which sparked a flurry of speculation regarding the industry’s future developments.
Investors fear as dormant Ethereum whale awakens to sell
The most recent data from Lookonchain indicates that an Ethereum whale that had been inert for eight years has been reactivated and is now trading. The whale sold a staggering $224 million value of the token above using a variety of addresses, as indicated by the data.
It is important to note that this whale amassed 398,889 ETH at an average cost of $6 per token between January 18 and March 10, 2016, for approximately $2.4 million. On November 7, 2024, the whale resumed discharging after eight years of dormancy.
In the interim, the most recent data indicates that the whale has sold 73,356 ETH, equivalent to $224.42 million. The asset was subjected to pressure of sale due to this substantial liquidation. Additionally, the whale’s substantial Ethereum holdings have prompted speculation regarding his potential future actions.
Conversely, it is also essential to observe that the most recent Whale Alert data indicates that Coinbase received nearly 20.8 million ETH. Despite the bearish market sentiments sparked by these crashes, the top crypto by market cap has defied conventional trends and is trading in the green.
ETH Price Explodes Despite Selling Pressure
Today’s ETH price traded predominantly in the green at $3,337, a 5% intraday increase, despite the selloffs mentioned above. Its 24-hour low and high were $3,147 and $3,428.46, respectively. Intriguingly, the token’s monthly chart demonstrated a 29% increase. Investors are still determining the coin’s future movements due to this favorable trajectory.
Furthermore, the data from Coinglass indicated that Ethereum’s futures open interest (OI) had increased by 10% to $70.79 billion. In addition, the derivatives volume increased by 63% to $70.79 billion. This data further supports a bullish scenario for the token, which has contributed to market conjecture amid significant selloffs.
Furthermore, a recent report highlighted critical indicators suggesting Ethereum’s price will continue to increase. Despite the recent selloffs, market observers are still optimistic about the asset in light of these favorable trends and the recent increase in the crypto’s price.
