- A previously dormant Ethereum whale has transferred 86 ETH, valued at $325,535, to major U.S. crypto exchange Coinbase.
- This whale, identified by the wallet address “0xCc60,” had originally acquired Ethereum during the Genesis Block as a participant in the ICO, where the token was valued at just $0.31.
- “💤 A dormant pre-mine address containing 86 ETH (325,535 USD) has just been activated after 8.8 years!” – Whale Alert
A dormant Ethereum whale awakens, transferring 86 ETH to Coinbase amid rising market anticipation for the Ethereum ETF decision.
Ethereum Whale’s Significant Move
The crypto community was abuzz when a dormant Ethereum whale, identified by the wallet address “0xCc60,” transferred 86 ETH, valued at $325,535, to Coinbase. This whale had initially acquired Ethereum during the Genesis Block as a participant in the ICO, where the token was valued at just $0.31. The current value of this volume of tokens highlights the substantial appreciation of Ethereum over the years, with the price now standing at $3,850.
Market Reactions and Speculations
This substantial transaction coincides with heightened anticipation surrounding the imminent Ethereum ETF decision. Over the past few days, optimism for a favorable outcome has surged, driving Ethereum’s price up by more than 23% since the beginning of the week. Analysts are now estimating a 75% chance that the SEC will approve the Ethereum ETF, further fueled by the agency’s recent engagement with Ethereum issuers on Form S-1, a registration statement for securities. Additionally, a bipartisan group of lawmakers has urged SEC Chair Gary Gensler to approve spot Ethereum ETFs, adding political pressure to the regulatory decision.
Strategic Moves by Key Players
The whale’s transfer could be interpreted as a strategic move to capitalize on the market conditions or a simple reassurance from the holder. However, this whale is not the only significant player making moves. Jeffrey Wilcke, one of Ethereum’s cofounders, has sent 10,000 ETH, valued at approximately $37.4 million, to U.S. exchange Kraken. This transaction is part of a series of large transfers by Wilcke, who has moved a total of 24,300 ETH since the start of 2024, amounting to roughly $75 million.
Conclusion
The activation of a dormant Ethereum whale and the substantial transfers by key figures like Jeffrey Wilcke underscore the dynamic nature of the crypto market. As the community eagerly awaits the SEC’s decision on the Ethereum ETF, these significant movements reflect both strategic positioning and the broader sentiment of optimism. Investors and market watchers should stay tuned for further developments, as the approval of the Ethereum ETF could mark a pivotal moment for the cryptocurrency’s future.
