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Recent activity in dormant Ethereum (ETH) wallets signals a significant shift as long-term holders capitalize on a notable price rally.
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This surge in wallet activity comes at a time when ETH has experienced a remarkable 13.75% increase in value within a 24-hour period.
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According to reports from COINOTAG, one investor, known as “0xB8c,” sold 25,000 ETH, a move that underscores a major liquidity event in the Ethereum market.
Ethereum wallets are witnessing unusual activity as long-standing holders sell off significant amounts amid price spikes, leading to major liquidity shifts.
Major Transactions Unfolding Among Ethereum Whales
In a surprising turn of events, several dormant Ethereum wallets have come to life, with three notable transactions highlighting the activities of long-term holders. Spot On Chain revealed that two major players sold a combined total of 33,701 ETH, poised at around $89.72 million. This rapid influx of selling aligns closely with Ethereum’s recent price increase.
The ICO Participant’s Massive Sell-off
One striking transaction was executed by an early participant in the Ethereum Initial Coin Offering (ICO), who made waves by transferring 25,000 ETH, valued at approximately $65.67 million, to the Kraken exchange. This transaction occurred at a price near $2,627 per ETH. Following this significant sell-off, the wallet owner retains a substantial balance of 64,450 ETH, which is now worth about $181.2 million.
Longterm Holders Reap Substantial Rewards
Another intriguing instance involves the wallet identified as “0x0c1.” After an impressive 8.75 years of dormancy, this wallet executed a sale of 8,701 ETH for approximately $24.05 million, translating to a price of $2,764 per ETH. This move netted the holder a staggering 689-fold profit, leaving them with 2,304 ETH, which now values around $6.48 million.
Years of Dormancy Ending with a Significant Wake-up
Additionally, another whale that had been inactive for nearly nine years saw their wallet of 12,001 ETH—now worth $34.1 million—come back into play. Originally acquired for about $8.58 per ETH, it’s clear this sale reflects the dramatic rise of Ethereum’s price over the years.
Massive Holdings Awakening: A Broader Market Perspective
Remarkably, Lookonchain also reported on a significant player holding 398,891 ETH, valued at $1.14 billion, who began to liquidate assets after remaining dormant for over eight years. In a rapid succession of trades over the last six hours, this whale sold 13,400 ETH for about $37.38 million, at an average price of $2,790 per ETH. Historical data indicates that this whale’s wallets became active buyers on the ShapeShift platform starting in January 2016, when the average ETH cost was merely $3.5.
Conclusion
In conclusion, the recent activity among dormant Ethereum wallets illustrates a critical moment in the cryptocurrency market. Long-time holders, having previously remained passive, are now seizing the opportunity presented by recent price movements. This behavior not only reveals a potential shift in investor sentiment but also signals a substantial liquidity event in the Ethereum ecosystem. As the market evolves, these actions by major players may play a pivotal role in shaping upcoming trends.
