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Reading: Dormant Whale Awakens After 1.6 Years! Transfers $10.2 Million in Ethereum to Exchange
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Deythere > News > News > Dormant Whale Awakens After 1.6 Years! Transfers $10.2 Million in Ethereum to Exchange
News

Dormant Whale Awakens After 1.6 Years! Transfers $10.2 Million in Ethereum to Exchange

representing the awakening of a dormant whale in the crypto world. The image should depict a large whale emerging from
Benedikt Krüger
Last updated: October 15, 2024 11:23 am
By
Benedikt Krüger
Published October 15, 2024
2 Min Read
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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.

Contents
  • Whale Previously Made Headlines with a Major ETH Purchase
  • Market Observes the Whale’s Moves

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.

representing the awakening of a dormant Ethereum whale and the transfer of 10.2 million worth of Ethereum to an exchange. The i

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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ByBenedikt Krüger
Benedikt Krüger is a seasoned blockchain developer and cryptocurrency analyst with 10 years of experience in the field. Starting his career in software development, Benedikt quickly transitioned into blockchain technology, where he has worked on several pioneering projects, including the development of secure blockchain networks and decentralized platforms. His expertise includes blockchain security, cryptographic protocols, and the technical underpinnings of cryptocurrency systems. At DT NEWS, Benedikt provides readers with in-depth technical analysis and expert commentary on the latest trends in the blockchain and cryptocurrency industries, ensuring they stay ahead of the curve in this fast-paced sector.
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