Key Points
- An Ethereum whale dormant for over eight years has resurfaced to sell its ETH holdings.
- This event marks a significant moment in the crypto space, as the whale initially acquired its holdings when Ethereum was trading at around $5 per token.
An Ethereum whale, inactive for over eight years and holding $37 million worth of the digital asset, has resurfaced. On September 15, the whale started to liquidate a portion of its substantial ETH holdings. This marks a significant event in the crypto space.
The whale initially acquired a total of 16,636 ETH from ShapeShift between January 19 and February 23, 2016. Back then, Ethereum was trading at around $5 per token. With an initial investment of $87,136, this fortune has grown to an incredible $38 million at today’s market price of $2,340 per ETH.
Partial Liquidation, Massive Profits
On Sunday evening, the whale decided to liquidate a portion of its investment, selling just 350 ETH. This single transaction netted a staggering $819,000, representing a 446% increase in value since the initial purchase.
According to Etherscan data, despite the selloff, the whale still holds around $1.2 million of Tether USD (USDT) stablecoin. The sale attests to Ethereum’s monumental rise, solidifying its status as one of the leading cryptocurrencies on the market.
The whale is not alone in this wave of large ETH movements. According to Whale Alert, in the last 24 hours, two other Ethereum whales have also moved substantial amounts of ETH to Coinbase, likely preparing to sell.
One whale transferred 14,081 ETH worth $33.98 million, while another moved 13,977 ETH, valued at approximately $32.8 million.
Market Repercussions and Future Speculations
The selloff comes as the broader crypto market struggles to regain momentum following the post-halving correction. Bitcoin and Ethereum have experienced significant declines from their respective peaks of $73,000 and nearly $4000, reached in early 2024.
Crypto analyst Ali Martinez has issued a warning that Ethereum could dip further, possibly dropping below the $2,000 mark. He points to key support levels between $2,290 and $2,360, where nearly 52 million ETH is held across 1.9 million addresses. According to him, Ethereum could fall to as low as $1,800 if this support zone breaks.
In contrast, another well-known analyst, Master Kenobi, believes Ethereum is on the verge of a recovery. He highlighted previous historical trends in Bitcoin halving events, noting that in past cycles, market reversals occurred 168 days after the 2017 halving and 224 days after the 2021 halving. We are 150 days post-halving, and with optimism surrounding the newly approved Bitcoin exchange-traded funds (ETFs), Kenobi argues that a market rebound may be imminent.
