Ethereum (ETH) is experiencing increased volatility with large amounts of ETH being transferred to Coinbase, raising investor concerns about a potential market decline. But these transactions are being made by ancient whale wallets that initially bought Ethereum for just $11 per coin and have now transferred millions of ETH to Coinbase.
The oldest Ethereum whale is on the move
According to data from OnchainDataNerd, the oldest Ethereum whale bought 12,427 ETH from cryptocurrency exchange Poloniex in 2016 at an average price of $11 per coin, and has currently deposited 4,153 ETH into Coinbase, which is worth is currently worth more than $12.17 million.
Some specify that the motive behind this transaction was to sell 4,153 ETH at the current market price of $2,984 per coin, reflecting an impressive value increase of 27,027.27%. This significant growth highlights the potential gains for Ethereum's early investors.
Another notable example within the cryptocurrency community involves another oldest whale. I recently sent 614 ETH to Kraken. This individual purchased these his ETH five years ago at an average price of $195 per coin. However, the ETH they sent to the exchange is currently worth $1.79 million. Notably, this investor still has 1,329 ETH, worth approximately $4 million, in his wallet.
Tips for selling a huge amount of ETH
Meanwhile, popular crypto tracker Whale Alert also reported multiple transactions in which an unidentified whale 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 possible sales by major holders to take advantage of Ethereum's recent price surge.
Awakening of the ancient Bitcoin wallet
Additionally, in addition to the Ethereum activity, Coinpedia previously reported that an ancient Bitcoin wallet that had been dormant for 10.3 years had been awakened. These wallets recently transferred 687.33 BTC worth a total of $43.89 million to his two private wallets.
The sudden awakening of ancient wallets and the movement of large ETH holdings to exchanges signals potential changes in the crypto market, hinting at future declines as part of profit taking.
