Ethereum

2024

Millions

Bitcoin

<p>The post <a href="https://coinpedia.org/news/is-a-massive-ethereum-sell-off-imminent-oldest-whale-moves-millions-to-coinbase/">Is a Massive Ethereum Sell-off Imminent? Oldest Whale Moves Millions to Coinbase</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Ethereum (ETH) is <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/">experiencing increased volatility</a> as significant amounts of ETH are transferred to Coinbase, sparking concerns among investors about a potential market sell-off. However, these transactions are done by ancient whale wallets, which initially purchased Ethereum at just $11 per coin, and have now transferred millions of ETH to Coinbase.</p> 
<h2 class="wp-block-heading" id="h-oldest-ethereum-whales-on-the-move">Oldest Ethereum Whales On the Move</h2> 
<p>According to data from OnchainDataNerd, the oldest Ethereum whale purchased 12,427 ETH from Poloniex, a crypto exchange, in 2016 at an average price of $11 per coin and has now deposited 4,153 ETH to Coinbase, which is currently valued at over $12.17 million.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">8-year old whale made a move again.<br><br>3 hours ago, the whale 0x2cE deposited 4,153 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> (~$12.17M) to <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw">#Coinbase</a>.<br><br>8 years ago, he accumulated 12,427 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> from <a href="https://twitter.com/hashtag/Poloniex?src=hash&amp;ref_src=twsrc%5Etfw">#Poloniex</a> at avg entry $11.<br><br>His wallet:<a href="https://t.co/rgBtQ6R1RU">https://t.co/rgBtQ6R1RU</a><a href="https://t.co/kx6zfjxZ59">https://t.co/kx6zfjxZ59</a> <a href="https://t.co/WMUGfI20fd">pic.twitter.com/WMUGfI20fd</a></p>— The Data Nerd (@OnchainDataNerd) <a href="https://twitter.com/OnchainDataNerd/status/1789844818862145838?ref_src=twsrc%5Etfw">May 13, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Some identify that the motive behind this transaction was to sell the 4,153 ETH at the current market price of $2,984 per coin, reflecting an impressive increase in value by 27,027.27%. This significant growth underscores the potential profits earned by early investors in Ethereum.</p> 
<p>Another notable example within the crypto community involves a different oldest whale who <a href="https://twitter.com/OnchainDataNerd/status/1789652464708563115">recently transferred 614 ETH to Kraken</a>. This individual purchased these ETH five years ago at an average price of $195 per coin. However, the ETH they sent to the exchange is now worth $1.79 million. Notably, this investor still holds 1,329 ETH, valued at almost $4 million in their wallet.</p> 
<h2 class="wp-block-heading" id="h-hints-of-huge-eth-sell-off">Hints Of Huge ETH Sell-off</h2> 
<p>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.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 11,192 <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw">#ETH</a> (33,398,679 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw">#Coinbase</a><a href="https://t.co/pLImNzb5mD">https://t.co/pLImNzb5mD</a></p>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1789952622633357742?ref_src=twsrc%5Etfw">May 13, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>These activities suggest the <a href="https://coinpedia.org/news/election-implications-how-u-s-politics-could-affect-ethereum-etf-approvals/">possibility of a sell-off</a> by major holders who are capitalizing on Ethereum’s recent price surge.</p> 
<h2 class="wp-block-heading" id="h-awakening-ancient-bitcoin-wallets">Awakening Ancient Bitcoin Wallets</h2> 
<p>Furthermore, in addition to the Ethereum activity, <a href="https://coinpedia.org/news/10-year-old-bitcoin-wallet-suddenly-transfers-43-89m-whats-behind-this-move/">Coinpedia previously reported</a> 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.</p> 
<p>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.</p>

Is a Massive Ethereum Sell-off Imminent? Oldest Whale Moves Millions to Coinbase

Table of Contents

CoinPedia News

Other articles published on May 13, 2024

Three Front Runners In The Next Upcoming Rally, One Already Up 290%

Crypto Expert Names the Altcoins You 100% NEED for This Bull Run

Next Cryptocurrency To Explode Monday, May 13 — Helium, Bitcoin Cash, Toncoin, FTX Token

Tether-parent iFinex to aid El Salvador’s crypto rules

We're Excited To Share Major Milestones In Our Journey!

Billionaire Mark Cuban Of TV Show ”Shark Tank” Says SEC Is Failing To Protect Investors And ”Kill...

Join our free newsletter for daily crypto updates!