Ethereum whales are waking up to take more profits, while ETH is holding in important price range

By Selena On Mar 6, 2023

An ancient Ethereum whale asleep for more than five years has suddenly resurfaced. The whale address suddenly transferred the full amount from the wallet, totaling almost $16 million. The whale address had accumulated 10,266 ETH in 2017 through mining activities.

The whale may be preparing to sell some of their holdings, as evidenced by the movement of 1,322 ETH, worth about $2 million, to the cryptocurrency market Poloniex as part of the transfer. The transfer’s timing is crucial since it aligns with Ethereum’s recent price decline, which caused it to drop to a local support level.

An address that has been dormant for more than 5 years transferred 10,266 $ETH ($16M) out.

The 10,266 $ETH was obtained through mining in 2017.

Among them, 1,322 $ETH ($2M) was transferred to #Poloniex.https://t.co/hsXiBh5iS2 pic.twitter.com/7L1nkx6Fe6

— Lookonchain (@lookonchain) March 6, 2023

Although other hibernating whales have recently woken up and started to move significant quantities of Ethereum, the whale’s abrupt move is not an unusual occurrence. While these whales may attempt to sell off their holdings ahead of a probable market slump, these moves have been seen as profit-taking operations.

It is crucial to consider inactive whales’ activity on the Ethereum network because it can drastically alter the dynamics of cryptocurrency supply and demand. Remember that whales are frequently a normal component of the market cycle and are not always terrible actors.

Ethereum may experience further profit-taking as it continues to decline. Even in market selling without proper dispersion, the overall effects of profit-taking from a relatively tiny whale are unlikely to be seen on the market. Unfortunately, Ethereum is not in the ideal situation right now, so even a small increase in selling activity could cause a decline.

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