Ethereum Price Faces Pressure as Dormant $21.9M ETH Wallet Activates After 9 Years

  • A previously inactive pre-mined Ethereum address containing around $21.9 million became active after nearly nine years of dormancy.
  • An Ethereum Foundation-associated wallet deposited a substantial 15,254 ETH amidst Ethereum’s price decline.
  • Ethereum’s demand has surged post-approval of spot ETH ETFs in the US.

Explore the recent movements in the Ethereum market as pre-mined addresses activate and significant deposits are made. Discover the impact of these actions on ETH prices and investor sentiment.

Ethereum’s Price under Pressure as Pre-mined Addresses Reactivate

The Ethereum market has experienced significant turbulence recently, with the activation of a previously dormant pre-mined address holding around $21.9 million worth of ETH. This awakening of dormant assets comes nearly nine years after the initial mining, stirring speculations about potential selling pressures and market reactions.

Ethereum Foundation’s Strategic Moves

Recently, on-chain data revealed that a wallet associated with the Ethereum Foundation made a considerable deposit of 15,254 ETH to the Kraken exchange. This transaction, amounting to approximately $56.1 million, occurred amidst a decline in Ethereum’s price, drawing significant attention from market analysts and investors alike. The sudden movement of such a large amount of ETH, sourced from both an Ethereum Foundation wallet and another wallet linked to the initial coin offering (ICO), raises questions about its potential impact on market stability and price dynamics.

Market Implications of Spot ETH ETF Approval

The approval of spot ETH ETFs in the United States has spurred a notable increase in demand for Ethereum. Since the approval, the average daily accumulation of ETH by long-term holders has skyrocketed from 5,000 ETH to 40,000 ETH. This surge in demand reflects growing investor confidence and a heightened interest in Ethereum as a viable long-term investment. Moreover, major ETH investors now collectively hold 16 million ETH, rising significantly from 15.4 million ETH prior to the ETF approval.

Conclusion

The reactivation of dormant Ethereum addresses and strategic moves by the Ethereum Foundation are pivotal developments impacting the market. As investors digest these changes, it’s crucial to monitor their implications on ETH prices and overall market sentiment. With Ethereum’s demand witnessing a substantial surge post-spot ETF approval, the market dynamics are set for interesting shifts in the coming months.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin Miners Hold Back as BTC Price Declines, Awaiting Future Rally for Profitable Sell-off

The recent behavior of Bitcoin miners indicates...

Billionaire Anthony Scaramucci Predicts Massive Surge for Bitcoin and Ethereum

Bitcoin and Ethereum are poised for significant...

Cardano Enhances Staking and Privacy Amid ADA Price Recovery Signs

Cardano launches new tools to...

AVAX Price Plummets Amid BtcTurk Hack and Stolen Funds on Sportsbet Platform

Türkiye'nin önde gelen kripto para borsası BtcTurk,...

Binance Freezes $5.3 Million in Stolen Funds Amid BtcTurk Hack Investigation

Amid a recent cyber breach, Binance CEO...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Comprehensive Guide to MDX Coin: Features, Usage, and Price Analysis

MDEX platform operates across various blockchain networks...

Bitcoin and Altcoin Market Overview: June 22nd Analysis

Crypto market insights: An overview for June...

Dogecoin ($DOGE) vs Shiba Inu ($SHIB): 2024 Market Analysis and Investment Outlook

The competition between Dogecoin ($DOGE)...
Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

Bitcoin Miners Hold Back as BTC Price Declines, Awaiting Future Rally for Profitable Sell-off

The recent behavior of Bitcoin miners indicates a significant reduction in BTC transfers to exchanges. Analysts suggest that this trend is...

Billionaire Anthony Scaramucci Predicts Massive Surge for Bitcoin and Ethereum

Bitcoin and Ethereum are poised for significant growth in this cycle, according to SkyBridge Capital founder Anthony Scaramucci. Analyst Kevin Svenson...

Cardano Enhances Staking and Privacy Amid ADA Price Recovery Signs

Cardano launches new tools to boost stake pool operations and privacy features, while ADA price shows tentative recovery signs. ...