Bearish? Ethereum Whale With $1B Begins Selling for the First Time in Eight Years

A long-dormant Ethereum whale has reemerged, selling $37.38 million worth of ETH for the first time in over eight years. The investor had initially accumulated a staggering 398,891 ETH (valued at $1.14 billion then) in 2016, when Ether was trading at around $3.50.

A whale with 398,891 $ETH($1.14B) began selling today after being dormant for over 8 years!

In the past 6 hours, 13,400 $ETH($37.38M) has been sold at an average price of $2,790.

We identified 28 wallets that all started accumulating $ETH from #ShapeShift in January 2016, at an… pic.twitter.com/cy4C0EmuJh

— Lookonchain (@lookonchain) November 7, 2024

Blockchain analytics firm Lookonchain reported that the whale sold 13,400 ETH at an average price of $2,790.

Dormant Ethereum Whales Cash In Millions

Recently, there has been notable movement from several dormant Ethereum wallets, as long-time holders capitalize on recent price increases. Another on-chain data platform highlighted that two prominent Ether holders recently sold a combined 33,701 ETH, worth about $89.72 million, amid Ether’s recent price jump.

One transaction involved an early investor, identified as wallet “0xB8c,” who moved 25,000 ETH (worth around $65.67 million) to the Kraken exchange at an average price of $2,627. The investor now holds 64,450 ETH, valued at roughly $181.2 million.

Another major sale came from wallet “0x0c1,” which had been inactive for 8.75 years before selling 8,701 ETH for 24.05 million USDC, averaging about $2,764 per ETH. The sale provided a 689-fold profit, leaving the investor with a balance of 2,304 ETH, valued at around $6.48 million.

Is Ether Poised for a Rally?

Ethereum’s recent price surge has stirred the crypto market, with global cryptocurrency market capitalization climbing 9% to $2.43 trillion over the last 24 hours. Similarly, trading volumes have spiked to $180 billion, fueled by Bitcoin’s new all-time high of $76,460.15.

The recent rally is thought to be partly driven by developments in the United States, where Donald Trump was elected as the 47th president in the November 6 election. The political shift has bolstered investor sentiment, sparking renewed market activity and attracting dormant whales to the rising ETH prices.

Building on this momentum, crypto analyst Byzantine General highlighted Ethereum’s potential, noting a significant increase in open interest dominated by non-neutral short trades. The buildup suggests ETH might be primed for a “monster rally,” with the possibility of a short squeeze that could capture the market’s attention for years.

According to CoinMarketCap, ETH is trading at $2,814, reflecting an 8% increase over the past 24 hours.