An Ethereum wallet that had been dormant for around three years has now become active and is transferring tokens. Over the past day, the whale moved approximately 145k ETH to different wallets.
Per on-chain data, the tokens were mainly transferred in batches of 5000, 10000, 15000, and 20000. The wallet, as such, has its roots associated with the genesis ICO via which it obtained 150k ETH. In 2019, the wallet sent out 5000 tokens, and three years back indulged in two transactions involving a negligible amount of ETH [0.00000111222333 x 2 ETH].
Chalking out the same, Chinese journalist Colin Wu tweeted,
“The initial source of ETH for this whale was to participate in the Ethereum Genesis ICO, and a total of 150,000 ETH was obtained, of which 5,000 ETH was transferred out to the Bitfinex3 exchange address on July 31, 2019 ($ETH=219).”
After emptying the wallet, the whale indulged in a few “in” transactions. In retrospect, its balance stood at 1.189 ETH [$2339.2] at press time.
Ethereum and its macro trends
Ethereum’s dormant supply has been inclining despite the said whale transferring out tokens. Per data from Glassnode, the supply last active 3-6 months back reached a 1-month high of 9.7 million ETH on Monday. The same implies that participants who bought their tokens a few months back continue to HODL them.
Interestingly, the number of addresses with a non-zero balance has attained an ATH of 85 million. This new milestone does not come as a surprise given the surging price of the alt-king, and positive sentiment associated with it ahead of The Merge.
Over the past week, Ethereum has surged by 14%. In fact, during the weekend, the most significant alt went on to breach the $2k mark for the first time since the end of May. In effect, the number of addresses in loss has shrunk and currently stands at a one-month low of 33.2 million.
So, even though the Genesis ICO giant whale has likely sold its ETH, the macro trends remain pretty optimistic for Ethereum.
Also Read: Altcoin season index peaks: Ethereum, Cardano, XRP to rally?
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