A dormant Ethereum (ETH) whale has re-emerged amidst a significant market downturn. The whale, which had been inactive for two years, made a substantial move by withdrawing 5,580 ETH, worth approximately $13.76 million, from Coinbase.
The whale’s revival and subsequent withdrawal from Coinbase suggest a potential accumulation strategy. Typically, depositing on exchanges implies an intention to sell, while withdrawals often indicate accumulation.
In a recent development reported by Spotonchain, an Ethereum whale, inactive for two years, has been reactivated. The whale made a significant move by pulling out 5,580 ETH, equivalent to $13.76 million, from Coinbase. Typically, the act of depositing on exchanges is seen as a precursor to selling, while withdrawals are often interpreted as a sign of accumulation.
Another big earner accumulated $ETH today!
Whale 0xc47 returned after 2 years of dormancy to withdraw 5,580 $ETH ($13.76M) from #Coinbase ~1 hour ago.
Notably, this whale used to make an estimated profit of $31.1M (+43%) from $ETH between Sep 8, 2020 and Mar 9, 2022.
For more… https://t.co/TvekFYnssb pic.twitter.com/lC9L3gIz2t
— Spot On Chain (@spotonchain) January 19, 2024
This particular whale, identified as 0xc47, was a significant earner before its dormancy, having made an estimated profit of over $31 million from ETH between September 8, 2020, and March 9, 2022.
Ethereum’s Price Surges Despite Market Downturn
Ethereum, which had surged in recent days while Bitcoin faltered, also experienced a small surge of 0.75% in the last 24 hours at $2,490. Despite the overall market downturn, Ethereum whales appear to be capitalizing on the situation, accumulating more tokens at a discount.
Another notable whale, with a total profit of $25.8 million from ETH, also took advantage of the market dip. This whale withdrew a large chunk of 3,600 ETH, worth $8.84 million, from the Binance crypto exchange, effectively buying at a lower price.
In other Ethereum news, developers recently deployed the Dencun upgrade, which includes proto-danksharding (EIP-4844) on the Goerli testnet. This upgrade is a precursor to the projected deployment on the Ethereum mainnet, expected in the first quarter of 2024.
Ethereum Core developer Tim Beiko has urged the community to anticipate an announcement regarding client releases in the upcoming week. Following the Dencun upgrade, Paradigm predicts the Prague hard fork on Ethereum testnets by Q3, 2024, and the mainnet by the end of the year.
As the crypto market navigates this downturn, the actions of these Ethereum whales provide a fascinating insight into the strategies employed by significant players in the space.
