Two wallets that were active back in 2017 are moving their funds
Two large Ethereum addresses woke up a few hours ago and moved around $30 million worth of ETH out. Both of these were last active five years ago, indicating increased activity from older holders on the network, which leads us to some conclusions.
Activity of dormant addresses like the ones listed in Lookonchain’s post is not unusual: networks are constantly seeing a spike in the activity of certain addresses that have not been active for years. Unfortunately, such awakenings are not a good factor for assets moving in a downtrend.
With the intense selling pressure present on the market, contribution selling by whales is the last thing that investors need at this point. The recent price performance of Ethereum shows that the bulls are unable to keep pace with the current market conditions as the price of the second largest cryptocurrency in the market declined below the $1,200 price range.
The inability to recover to pre-FTX levels and at least two failed rallies could have been the main reasons behind investors’ desire to drop some of their holdings and de-risk their portfolios.
On December 13, Ethereum broke down and lost more than 11% of its value over the past three days, attempting another breakout that was rejected by the market after the Fed action was a risk-off for Ethereum, Bitcoin or Bitcoin. Loaded properties are not helping. Cryptocurrencies in general.
As for the whales, the addresses made no transfers after the initial alert. On-chain analytics have not found any connection of those addresses to any kind of illicit platforms or on-chain entities that participated in some kind of criminal activity.
At press time, Ethereum is trading at $1,185 and has gained 0.15% in value over the past 24-hours.
