A dormant Ethereum whale has resurfaced after 1.6 years of inactivity, transferring 3,888 ETH, worth approximately $10.2 million, to the Gemini crypto exchange just a few hours ago. This significant transfer has sparked speculation that the whale may be preparing to sell a large portion of their holdings.
Whale Previously Made Headlines with a Major ETH Purchase
The wallet address in question first caught the crypto community’s attention when it purchased 6,603 ETH from the Bitfinex exchange 1.6 years ago. At that time, ETH was trading at an average price of $1,785, making the transaction worth $11.78 million.
Following the recent transfer of 3,888 ETH to Gemini, the whale still holds 2,715 ETH, valued at $7.12 million based on current market conditions. The surge in ETH’s price has resulted in a substantial profit for the whale, who has already pocketed $5.54 million in gains.
Market Observes the Whale’s Moves
This high-value transaction has not gone unnoticed in the crypto market, with platforms like Nansen closely monitoring the whale’s activity. The wallet address, 0x8079e40f35837a103d6aa2c5d7f91896c9f03653, had been largely inactive for an extended period. However, this sudden transfer suggests that the whale may be preparing for a new market strategy.
While it remains unclear if the transferred ETH will be sold on Gemini, market analysts believe a sale is highly likely. Such a sale could exert downward pressure on ETH’s price, given the substantial amount involved. As always, whale movements in the crypto market are carefully tracked by investors due to their potential impact on market prices.
Stay tuned to Dey There for more updates on the crypto market and whale activity.
Ethereum, whale, transfer, Gemini, crypto market
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