- A long-dormant whale recently deposited 5,000 ETH, valued at $11.3 million, into Coinbase (NASDAQ:).
- Large deposits by dormant whales on crypto trading platforms often indicate an intention to sell assets.
- The Ethereum whale, dormant since 2017, has a history of receiving funds.
A long-dormant Ethereum (ETH) whale has resurfaced, making a substantial deposit of 5,000 ETH worth approximately $11.3 million to Coinbase. This revelation comes from insights provided by Lookonchain, a leading crypto-analytics platform.
Typically, when large deposits are made to crypto trading platforms by dormant whales, it often signals an intention to sell off assets. In this case, the Ethereum whale, which has a history of receiving funds dating back to 2017, when the price of Ethereum was a mere $60, has once again become active after a prolonged slumber.
A whale that has been dormant for nearly 3 years deposited 5,000 $ETH($11.3M (NYSE:)) to #Coinbase 3 hours ago and currently has 20,398 $ETH($45.88M) left.The whale received $ETH from #Bitfinex in 2017 when the price was ~$60.https://t.co/bSAWFB8XYe pic.twitter.com/WtvEdeNH9L
— Lookonchain (@lookonchain) December 14, 2023
Ethereum whale’s major inflow occurred three years ago
The whale’s last major inflow occurred more than three years ago, amassing a total of 25,398.1 ETH. With the current market value of Ethereum at $2,296, this stash is now valued at around $57,940,431.549. The recent move involved the whale conducting two test transactions, sending out 0.07 ETH and receiving 0.067 ETH, possibly as a confirmation of its continued involvement in the crypto space.
After the 5,000 ETH sell-off, the whale now holds 20,398 ETH, equivalent to approximately $45.88 million. The awakening of this Ethereum whale sheds light on the presence of influential yet hidden wallets within the network, adding an element of intrigue to the crypto landscape.
Interestingly, the reawakening of dormant whale addresses seems to be a growing trend across major cryptocurrencies. As these influential entities return to activity, the market is left to speculate on their motives and the potential impact on the broader crypto ecosystem.
The re-entry of such significant players into the market often triggers discussions about the overall health and future trajectory of the digital asset space. As observers keenly watch the movements of these dormant giants, the crypto community awaits further developments that could shape the market in the coming days.
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