A dormant Ethereum whale has moved 16,636 ETH after eight years of inactivity, drawing significant attention from the crypto community.
Long Silence Broken
The whale originally received the ETH in February 2016 and managed to turn an initial $8,706 investment into an eye-popping $38 million. On September 15 at 7:25 PM (UTC), on-chain data recorded the whale’s first transaction in almost a decade. The 16,636 ETH, initially received through ShapeShift, was moved through a series of three different addresses, finally landing in a new wallet labeled '0x34…e0ba.'
Selling Strategy
Rather than simply holding onto the Ethereum, the whale began selling portions of it for stablecoins, a common strategy used to lock in profits or hedge against volatility. According to Arkham's analysis, the whale converted most of the ETH into wrapped Ethereum (wETH), with the wallet now holding 16,199 wETH. Notably, the whale sold 437.8 wETH in five transactions, converting it into $1.025 million worth of Tether (USDT).
Increased Whale Activity
Data shows that they briefly purchased some Livepeer (LPT) tokens before reselling them, indicating that this whale may now be taking a more active role in trading after years of dormancy. The whale's staggering 44,600% return highlights the benefits of long-term holding in cryptocurrency markets.
This case is part of a larger trend where dormant Ethereum whales are starting to reappear. Regardless of their reasons, each whale awakening creates waves in the market, influencing both price and sentiment.
Comments