Whale transactions in Bitcoin and Ethereum have drawn investors' attention amid recent price increases. Key events are tied to the transfer of assets that had been dormant for a long time.
Bitcoin Transactions: Return After 11 Years
Data analysis platform Whale Alert reported that a Bitcoin wallet, inactive for 11 years, transferred $31 million worth of BTC. The last transaction from this wallet was recorded in 2014, when the value of BTC was only $134,144. It remains unclear who owns the wallet and the purpose of the current transaction, but such actions typically suggest a possible sale.
Changes Among Ethereum Whales
According to on-chain data analyst Ember CN, a giant Ethereum whale also made waves by selling over $131 million worth of ETH after a two-and-a-half-year HODL period. This whale is described as having 'diamond hands' for holding assets for so long, having first acquired 120,874 ETH in September 2022 at an average price of $1,647.
Financial Results of Whales
After nearly two years of holding, the whale sold the last remaining 30,874 ETH (worth $77.71 million) to Kraken. The whale has been selling ETH for profit since May of last year, with data showing transfers to Kraken at an average price of $2,732 in six transactions, generating a total profit of $131 million.
Whale activity in the cryptocurrency market, as seen with both Bitcoin and Ethereum, highlights market volatility and allows investors to monitor significant transactions that may indicate future price movements.
