- An Ethereum ICO participant has moved for the first time in nearly nine years.
- The massive ETH transfer has stoked sell-off concerns.
- ETH remains below $3,000 after recent macroeconomic and whale-induced sell-offs.
Amid recent macroeconomic concerns and hitherto dormant whale movement, Ethereum has experienced a steady decline in recent weeks that has seen it drop below the psychologically important $3,000 price level for the first time since February 2024. Further stirring sell-off concerns, another Ethereum Genesis-era address has moved after nearly nine years of dormancy.
Ethereum ICO Participant Sends Out $5.5M in ETH
On Thursday, May 2, crypto smart money tracker Lookonchain disclosed that a wallet that had received 1,969.488 ETH, currently worth around $5.9 million, had moved for the first time in nearly nine years, sending out 1,960 ETH worth $5.5 million.
While the purpose of the recent transfer is unclear, dormant wallet address movement is typically seen as bearish. This sentiment is mainly due to the unrealized profits these accounts are sitting on. At the same time, the significant assets they control can often influence price movements.
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In the case of the recent dormant whale move, the entity purchased its holdings at $0.31 per ETH, or about $610. At current prices, it is looking at an over 960,000% gain of over $5.8 million.
Amid the market concerns, ETH continues to trade below the $3,000 price point at $2,961, according to CoinMarketCap data at the time of writing.
On the Flipside
- ETH has not reacted significantly to the news.
- ETH is still up over 30% year-to-date (YTD).
Why This Matters
Crypto investors follow the movements of large crypto holders like the recently active dormant address, as they can impact price. For long dormant addresses, the chances of a sell-off are usually higher due to large unrealized profits.
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