Whale Movement: 398,891 ETH Sold After 8 Years of Dormancy—What It Means for Ethereum

In a significant market movement, a whale address that holds 398,891 ETH—valued at approximately $1.14 billion—has begun to liquidate a portion of its holdings after a prolonged dormancy exceeding eight years. According to LookIntoChain, within the last six hours, this address has offloaded around 13,400 ETH, generating $37.38 million in sales at an average price of $2,790 per ETH. Notably, on-chain analytics reveal that 28 distinct wallets started accumulating ETH as early as January 2016, with an average entry price around $3.50. In a curious move, these wallets transitioned their assets to new addresses in August 2016, suggesting a strong possibility that they are all controlled by the same entity. This activity may signal a strategic reallocation as market dynamics shift.