Ethereum (ETH) is experiencing increased volatility as significant amounts of ETH are transferred to Coinbase, sparking concerns among investors about a potential market sell-off. However, these transactions are done by ancient whale wallets, which initially purchased Ethereum at just $11 per coin, and have now transferred millions of ETH to Coinbase.
Oldest Ethereum Whales On the Move
According to data from OnchainDataNerd, the oldest Ethereum whale purchased 12,427 ETH from Poloniex, a crypto exchange, in 2016 at an average price of $11 per coin and has now deposited 4,153 ETH to Coinbase, which is currently valued at over $12.17 million.
Some identify that the motive behind this transaction was to sell the 4,153 ETH at the current market price of $2,984 per coin, reflecting an impressive increase in value by 27,027.27%. This significant growth underscores the potential profits earned by early investors in Ethereum.
Another notable example within the crypto community involves a different oldest whale who recently transferred 614 ETH to Kraken. This individual purchased these ETH five years ago at an average price of $195 per coin. However, the ETH they sent to the exchange is now worth $1.79 million. Notably, this investor still holds 1,329 ETH, valued at almost $4 million in their wallet.
Hints Of Huge ETH Sell-off
On the flip side Whale Alert, a popular cryptocurrency tracker, has also reported multiple transactions where unidentified whales transferred large quantities 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 the possibility of a sell-off by major holders who are capitalizing on Ethereum’s recent price surge.
Awakening Ancient Bitcoin Wallets
Furthermore, in addition to the Ethereum activity, Coinpedia previously reported the awakening of ancient Bitcoin wallets that had been dormant 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 ancient wallets and the movement of substantial ETH holdings to exchanges signal a potential shift in the cryptocurrency market, hinting at upcoming sell-offs as part of profit-taking.
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