Dormant Ethereum Whale Awakens, Sells $224M in Tokens, but ETH Price Surges

An inactive Ethereum whale has resurfaced after eight years, selling $224 million worth of ETH. Despite this, Ethereum price surged by 5%, maintaining bullish momentum and sparking market speculation.

Inactive Ethereum Whale Dumps $224M, Sparks Market Concerns

A dormant Ethereum whale caused a significant stir in the crypto market on Friday by selling $224 million worth of Ethereum. The unexpected move has raised concerns about potential price declines but has also fueled speculation about the whale’s next steps.

Whale Awakens After 8 Years

According to data from Lookonchain, the Ethereum whale had been inactive since 2016, holding 398,889 ETH purchased at an average price of $6 per token for a total cost of $2.4 million. On November 7, 2024, the whale became active again, selling 73,356 ETH across multiple addresses, equating to $224.42 million.

The liquidation of such a large amount of Ethereum initially raised fears of a market downturn. However, Ethereum managed to defy expectations, demonstrating resilience amidst selling pressure.

ETH Price Defies Selling Pressure

Despite the whale’s significant selloff, Ethereum traded predominantly in the green, with its price reaching $3,337, marking a 5% intraday increase. The token’s 24-hour range fluctuated between $3,147 and $3,428.46, reflecting its strength amid market volatility.

Moreover, Ethereum has shown a 29% monthly gain, further bolstering bullish sentiment. This upward trajectory is accompanied by a 10% rise in Ethereum futures open interest, reaching $70.79 billion, while derivatives volume surged by 63%, signaling increased market activity.

Market Reactions and Speculation

The whale’s actions have led to intense market speculation about potential future moves. Some analysts view the liquidation as a routine profit-taking measure, while others worry about broader implications for Ethereum’s price stability.

Additionally, Whale Alert data revealed that Coinbase received nearly 20.8 million ETH, further fueling conjecture about the whale’s strategy and its impact on market dynamics.

Optimistic Outlook Amid Volatility

Despite the whale’s activity, market observers remain optimistic about Ethereum’s long-term performance. Recent reports highlight favorable indicators, including robust price momentum and increased market participation. Investors are closely monitoring Ethereum’s trajectory, with many believing the asset has significant room for growth.

As the market digests this unprecedented event, Ethereum’s resilience underscores its strength as a leading cryptocurrency.

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