TL;DR
- An inactive Ethereum whalle, dormant since 2016, has come back to life and sold 73,356 ETH, amounting to over $224 million.
- The sudden and substantial sell-off by this long-dormant wallet has raised concerns in the market, leading to speculation about potential future movements and their impact on Ethereum’s price.
- Despite the large-scale sell-off, Ethereum has demonstrated resilience, quickly recovering from an initial price drop, and stabilizing around $3,300 after a brief dip below $3,150.
An inactive Ethereum whalle, whose last transaction dates back to 2016, has come back to life, causing significant turmoil in the market.
On November 7, 2024, the whale began to liquidate large amounts of ETH, selling a total of 73,356 units for a value exceeding $224 million. This has raised various concerns among traders, as the whale still holds a considerable amount of ETH, which could create more turbulence in the market if further sales occur in the future.
Despite this sudden sale, the impact on Ethereum was not as negative as initially feared. Although the price of ETH briefly dropped to $3,150, it quickly regained ground, settling again near $3,300. This behavior demonstrates the cryptocurrency’s resilience, which has seen a 33% increase over the past month, while Bitcoin approaches $100,000.
Nearly 21 Million Ethereum (ETH) Were Transferred to Coinbase
However, the market remains on alert due to the transfer of 20.8 million ETH to Coinbase, which has raised concerns about the possibility of further sell-offs. These large transfers of ETH to exchanges are signs that a potential sell-off may still be underway.
Despite the fears, the overall market sentiment reflects high greed, with an index of 88, indicating that investors still show confidence in the asset. Trading volumes remain high, and Ethereum’s ability to quickly recover from drops suggests that the market may be able to withstand further shocks. At this moment, the main uncertainty lies in whether the wallet owner will continue to sell, potentially reigniting market volatility, or if this is an isolated correction
