CandleFocus Dormant $1.14 Billion Ethereum Whale Awakens: Begins Selling After 8 Years
2024-11-08
Author: Content Editor
A dormant Ethereum whale with over $1.14 billion worth of ETH in their wallet has started selling after remaining inactive for eight years. On-chain analysis firm Lookonchain reported that the whale has already sold 13,400 ETH worth $37.38 million. The whale had accumulated ETH through ShapeShift in early 2016 and had remained dormant for eight years before deciding to sell. This selling pressure could lead to decreased price performance for Ethereum, which has underperformed compared to Bitcoin in the last 12 months. The recent rise in BTC's price can be attributed to the success of Bitcoin exchange-traded funds (ETFs), while the performance of Ethereum ETFs has been lackluster. The recent election victory of Trump was expected to boost cryptocurrency prices, but it remains to be seen how regulatory policies will shape up under the new administration.
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