Recent data shared by the analytics account Lookonchain indicates that two large Ethereum wallets, dormant for several years, have returned to active sales of their ETH.
Return of the Ethereum OG
Updates from Lookonchain reveal that an Ethereum OG, having been dormant for two years, has commenced active sales. Recently, it executed a test transfer of 1 ETH and then sold 500 ETH, which is worth approximately $1.29 million. Previously, this wallet had already conducted significant sales of 2,286 ETH and 1,500 ETH valued at $4.32 million and $2.83 million, respectively.
ETH Sales by ICO Participants
According to Lookonchain, a participant from the 2014 Ethereum initial coin offering (ICO), dormant for about 10 years, has activated their wallet and transferred 2,000 ETH to the Binance exchange. This 2,000 ETH was sold for approximately $5.13 million over the past few days.
Issues with Ethereum ETFs
On June 16, Ethereum ETFs experienced significant outflows totaling nearly $10 million in a single day. The largest outflow was seen in the Fidelity Ethereum Fund ETF, which lost 3,496 ETH, while Invesco Galaxy faced a withdrawal of 172 ETH. Despite a negative daily net outflow of 3,748 ETH, the weekly net flow remained positive at 191,057 ETH.
The activity of dormant Ethereum wallets and issues with ETFs highlight the current dynamics in the cryptocurrency market. Interest in Ethereum continues to be significant despite recent price fluctuations.
