A significant development has occurred in the cryptocurrency markets. A large Ethereum whale, inactive for approximately nine years, has become active again, transferring a total of 50,000 ETH (worth approximately $145 million) to the Gemini exchange. According to On-Chain data, the transfers took place on Sunday and attracted considerable attention in the markets.
According to information from blockchain analytics company EmberCN, based on Arkham Intelligence data, the wallet named “0xb5…Fb168D6” sent 25,000 ETH earlier in the day and then transferred another 25,000 ETH a few hours later. It was noted that this address had not made any transactions since 2017, when it withdrew approximately 135,000 ETH from Bitfinex.
At the time, when the price of Ethereum was around $90, the whale’s total assets were worth only approximately $12.17 million. Over the years, thanks to the increase in the price of ETH, this wallet has transformed into a portfolio worth hundreds of millions of dollars today. Despite recent transfers, the whale is still estimated to hold approximately 85,283 ETH.
This development also coincides with the recent increase in “whale activity” in the crypto markets. Last week, it was noted that a Bitcoin wallet that had been inactive for 13 years moved approximately 909 BTC, worth around $84 million, to a new address. Such movements usually lead to speculation about the direction of the market.
On the other hand, market prices continue to remain under pressure. In the last 24 hours, Ethereum has fallen 2.8% to $2,859, while Bitcoin is trading at around $87,611, down 1.43%. Experts point out that the return of large investors could increase volatility.
*This is not investment advice.
