Ethereum (ETH) is currently experiencing increased volatility as large amounts of ETH are being transferred to Coinbase, causing concern among investors about a possible market sell-off. These transactions are being conducted by ancient whale wallets that originally bought Ethereum at a low price of $11 per coin and have now transferred millions of ETH to Coinbase.
According to data from OnchainDataNerd, the oldest Ethereum whale purchased 12,427 ETH from Poloniex in 2016 at an average price of $11 per coin. They have now deposited 4,153 ETH to Coinbase, which is currently valued at over $12.17 million. This indicates a significant increase in value, with the potential for early investors to earn substantial profits.
Another example within the crypto community involves a different oldest whale who recently transferred 614 ETH to Kraken. This individual purchased these ETH five years ago at an average price of $195 per coin, and the ETH they sent to the exchange is now worth $1.79 million. They still hold 1,329 ETH, valued at almost $4 million in their wallet.
Whale Alert, a popular cryptocurrency tracker, has 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. This suggests the possibility of major holders selling off their ETH to capitalize on the recent price surge.
In addition to the Ethereum activity, there has been a report of the awakening of ancient Bitcoin wallets that had been dormant for over 10 years. These wallets recently transferred a substantial 687.33 BTC to undisclosed wallets, with a total value of $43.89 million. The movement of substantial ETH holdings to exchanges and the awakening of ancient wallets signal a potential shift in the cryptocurrency market, indicating upcoming sell-offs as part of profit-taking.