TL;DR
- A dormant Ethereum whale reactivated after six years, depositing $228.6 million worth of ETH to Bitfinex just before a market correction.
- The whale moved 77,736 ETH to Bitfinex, sparking speculation about the timing and strategy behind the massive transfer.
- The deposit coincided with a market downturn, leading to a significant drop in Ethereum’s value and raising questions about the whale’s intentions.
A dormant Ethereum whale has reactivated after six years, depositing a staggering $228.6 million worth of ETH to the Bitfinex exchange. This significant move occurred just before a severe market correction, raising questions about the whale’s intentions and the impact on the broader crypto market.
Before the market crash, an #Ethereum whale wallet that had been dormant for 6 years deposited all 77,736 $ETH($228.6M) into #Bitfinex.
This wallet withdrew 77,736 $ETH($11.9M at the time) from #Bitfinex on Jan 5, 2019, when the price of $ETH was $153.https://t.co/a9NjBD85Uo pic.twitter.com/eBfGlJvofk
— Lookonchain (@lookonchain) February 3, 2025
Details of the Deposit
According to blockchain tracking firm Lookonchain, the anonymous trader moved 77,736 ETH to Bitfinex ahead of Ethereum’s price plummet to around $2,100. The wallet had initially withdrawn the same amount of ETH, worth $11.9 million at the time, from Bitfinex on January 5, 2019, when the price per ETH was just $153. This sudden reactivation and massive transfer have sparked speculation about the whale’s strategy and the timing of the deposit.
Market Impact and Reactions
The whale’s deposit coincided with a broader market downturn, exacerbated by new tariffs announced by former President Donald Trump. The market turmoil led to a significant drop in Ethereum’s value, with ETH trading at $2,883 at the time of writing, up 1.1% in the last 24 hours. The timing of the whale’s deposit has led to speculation that the trader may have been preparing for a sell-off or leveraging the market’s volatility to profit from a short position.
Other Whale Activities
In addition to the dormant whale’s activity, Lookonchain reports that other crypto whales are taking advantage of the market dip. An entity known as “7 Siblings” has been actively buying Ethereum during the downturn.
On Monday, “7 Siblings” purchased a total of 50,429 ETH worth $126 million, with one wallet alone buying 5,382 ETH for $14.5 million. This strategic accumulation during market lows highlights the differing approaches among large investors in the crypto space.
The reactivation of a dormant Ethereum whale and the subsequent deposit of $228.6 million in ETH to Bitfinex just before a market crash underscores the volatility and unpredictability of the cryptocurrency market.
As traders and investors navigate these turbulent times, the actions of large holders like this whale will continue to influence market dynamics and sentiment. The broader market’s response to such significant moves will be closely watched in the coming days.
