Ancient Whale Moves Millions in Ethereum to Coinbase: Is This the End of the Crypto Boom?

Ethereum (ETH) is making waves in the crypto seas as ancient whale wallets migrate to Coinbase, causing ripples of volatility and sparking concerns among investors about a potential market shake-up.

Here’s everything that there is to know.

Early Investors, Big Moves

Diving into Ethereum’s history uncovers stories of early investors who snagged their ETH at remarkably low prices. One such tale revolves around a whale that first entered the scene in 2016, scooping up a massive 12,427 ETH from Poloniex at just $11 per coin.

Fast forward to today, and this ancient behemoth has made a splash by depositing 4,153 ETH into Coinbase, now valued at a hefty $12.17 million.

The motives behind these whale-sized transactions are clear. With the current market price of ETH hovering around $2,984 per coin, these early investors are eyeing profits that would make even seasoned traders envious. A staggering surge in value, amounting to an impressive 27,027.27%, underscores the bountiful rewards reaped by those who took the plunge into Ethereum’s depths when it was still in its infancy.

A Tale of Two Whales

But the Ethereum saga doesn’t end there. Another ancient whale recently made waves by transferring 614 ETH to Kraken. Having initially snagged these coins five years ago at an average price of $195 per coin, this investor’s haul is now valued at a staggering $1.79 million. And yet, this is just the tip of the iceberg, as they still hold a formidable 1,329 ETH, valued at almost $4 million, in their digital treasure trove.

Whale Watch: Signals of a Market Shift

On the flip side Whale Alert, a popular cryptocurrency tracker, has also reported multiple transactions where unidentified whales transferred large quantities 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 the possibility of a sell-off by major holders who are capitalizing on Ethereum’s recent price surge.

Awakening Ancient Bitcoin Giants

Furthermore, in addition to the Ethereum activity, Coinpedia previously reported the awakening of ancient Bitcoin wallets that had been dormant for 10.3 years. These wallets recently transferred a substantial 687.33 BTC to two undisclosed wallets, with a total value of $43.89 million.

The sudden awakening of ancient wallets and the movement of substantial ETH holdings to exchanges signal a potential shift in the cryptocurrency market, hinting at upcoming sell-offs as part of profit-taking.

Also Check Out: Ethereum Price at Risk as Critical ETF Decision Approaches: What Next For ETH Price?

Are you worried about a potential sell-off? How are you adjusting your crypto strategy?