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Is a Massive Ethereum Liquidation Imminent? Oldest whale transfers millions to Coinbase
Ethereum (ETH) is roiling the crypto seas as old whale wallets migrate to Coinbase, causing waves of volatility and sparking concerns among investors about a potential market shift.
Here’s everything there is to know.
Early investors, big moves
Diving into the history of Ethereum reveals stories of early investors stealing their ETH at remarkably low prices. One such story revolves around a whale that first burst onto the scene in 2016, netting a massive 12,427 ETH from Poloniex for just $11 per coin.
Fast forward to today, this former giant made an impact by depositing 4,153 ETH to Coinbase, now valued at a hefty $12.17 million.
The motives behind these whale-sized transactions are clear. With the current market price of ETH hovering around $2,984 per coin, these early investors are eyeing profits that would make even seasoned traders jealous. An impressive increase in value, totaling a staggering 27,027.27%, highlights the abundant rewards reaped by those who delved into the depths of Ethereum when it was still in its infancy.
A Tale of Two Whales
But the Ethereum saga does not end there. Another ancient whale recently made a splash by transferring 614 ETH to Kraken. Having initially purchased these coins five years ago at an average price of $195 per coin, this investor’s profit is now valued at a staggering $1.79 million. And yet, this is just the tip of the iceberg as they still hold a formidable 1,329 ETH, valued at nearly $4 million, in their digital treasury.
Whale Watching: Signs of a Market Shift
On the other hand, Whale Alert, a popular cryptocurrency tracker, also reported multiple transactions in which unidentified whales transferred large amounts of ETH to Coinbase. These transactions, including 30,020 ETH, 11,192 ETH, and 11,207 ETH, are collectively valued at tens of millions of dollars.
These activities suggest possibility of liquidation by large holders who are capitalizing on Ethereum’s recent price surge.
Awakening Ancient Bitcoin Giants
Furthermore, in addition to Ethereum activity, Coinpedia previously reported the awakening of old Bitcoin wallets that had been inactive for 10.3 years. These wallets recently transferred a substantial 687.33 BTC to two undisclosed wallets, with a total value of $43.89 million.
The sudden awakening of old wallets and the movement of substantial ETH holdings to exchanges signals a potential shift in the cryptocurrency market, suggesting future sales as part of profit-taking.
Also check out: Ethereum Price at Risk as Critical ETF Decision Approaches: What’s Next for ETH Price?
Are you worried about a possible sale? How are you adjusting your crypto strategy?