A Long-Dormant Ethereum Whale Has Reappeared, Causing Tremors in the Crypto Market

According to Lookonchain, between January 18 and March 10, 2016, this whale collected 398,689 ETH at an average cost of approximately $6 per coin.

A veteran Ethereum whale has resurfaced, executing a series of strategic ETH sales that have left an undeniable mark on the crypto market. According to data from Lookonchain, this whale has sold ETH in stages, beginning on November 7, 2024.

This whale, known for accumulating 398,889 ETH at an average price of around $6, began selling the coin on November 7. As of now, the address has sold 73,356 ETH, which is roughly valued at $224 million at current market rates.

Despite these sales, the address still holds a massive balance of 325,533 ETH, which is approximately $1.1 billion in value. Notably, such large movements by key players in the crypto space can raise concerns about market implications.

After remaining dormant for over 8 years, this whale is now slowly waking up and selling ETH again! A closer examination of the transactions reveals a calculated strategy by the whale to avoid causing drastic market disruptions.

These sales coincide with Ethereum’s recent significant gain, highlighting how early adopters or long-term holders of cryptocurrencies often capitalize on market trends to generate substantial profits.

Moreover, these sales are occurring as Ethereum trades at around $3,328.90. In the last 7 days, ETH has risen 6.68%, and in the last 30 days, it has shown impressive growth of 30.65%.

As highlighted earlier by TradingView analyst CobraVanguard, the Ethereum price chart is displaying an ascending triangle pattern and bullish divergence, indicating potential for strong upward movement.

On-chain data also suggests strong holding tendencies by investors, which could support Ethereum’s potential to maybe reach $7,000 in the near future.