A previously inert Ethereum (ETH) whale has sprung to life again and has made a big move in tandem with the steep decline in the cryptocurrency market.
In the last few hours, a whale that had been dormant for two years sprang to life, according to Spotonchain, and withdrew 5,580 ETH from Coinbase, valued at $13.76 million. Exchange deposits frequently indicate a desire to sell, whilst withdrawals may indicate stockpiling.
https://x.com/spotonchain/status/1748267491854561775?s=20
Notably, before going into hibernation, this whale was a large earner, with an estimated profit of nearly $31 million from ETH between September 8, 2020, and March 9, 2022.
Notably, Ethereum whales are buying additional tokens at a discount by using the recent price decline in all marketplaces.
On Thursday, cryptocurrencies declined, with Bitcoin returning to a price of about $40,000. Ethereum has also dropped, despite having risen recently as Bitcoin struggled. At $2,484, it was recently down 1.25%.
According to Spotonchain, a second enormous whale has profited $25.8 million in total from ETH by taking advantage of the current decline in the price to buy additional tokens. The aforementioned whale just took 3,600 ETH, or $8.84 million, off of the Binance cryptocurrency exchange and purchased it at a discount.
ETH developers tease big announcement for Dencun upgrade
The Dencun update, which features proto-danksharding (EIP-4844) on the Goerli testnet, was released this week by Ethereum developers. This is a prelude to the planned mainnet deployment of Ethereum, which is anticipated during the first quarter of 2024.
Tim Beiko, the creator of Ethereum Core, has announced that Sepolia will fork on January 30 and Holesky on February 7. He has also asked the community to anticipate hearing about client releases in the following week.
Paradigm projects that the Ethereum testnets will experience a Prague hard fork by Q3, 2024, and the mainnet before the end of the year, after the Dencun upgrade.
