Two Ethereum wallets that were active back in 2017 are moving their funds

By Selena 12/19/22 10:44 PM

Two huge Ethereum addresses awoke a few hours ago and sent about $30 million worth of ETH out. Both were last active five years ago, indicating an increase in old holders’ network engagement and helping us draw certain inferences.

Two Ancient Ethereum Whales Wake Up; Here’s What Happened Next

Like the addresses reported in Lookonchain’s post, the activity of dormant addresses is not rare; networks frequently observe a surge in the activity of specific addresses that have not been active in years. Such awakenings, sadly, do not favor assets going in a downward trend.

There are 2 addresses that have been dormant for 5 years woke up 13 hours ago and transferred 22,983 $ETH($27.34M) out.https://t.co/sVyDLL4wi1 https://t.co/FDpiOoRyZg pic.twitter.com/P87c7daIIg

— Lookonchain (@lookonchain) December 19, 2022

Investors don’t need selling contributions from whales right now, given the market’s heavy selling pressure. The price of the second-largest cryptocurrency on the market, Ethereum, has recently demonstrated that bulls cannot keep up with the current market conditions as it has fallen below the $1,200 price level. The key drivers of investors’ willingness to sell part of their holdings and de-risk their portfolios may have been the inability to return to pre-FTX levels and at least two unsuccessful rallies.

Ethereum made yet another effort at a breakthrough on December 13 and failed, losing more than 11% of its value in the previous three days. The market realized that the FED’s actions are not assisting risky assets like Ethereum, Bitcoin, or cryptocurrencies in general.

After the initial warning, the addresses made no transfers involving the whales. On-chain analytics have not discovered any links between such addresses and any illegal platforms or on-chain organizations that took part in criminal behavior.