Altcoin movements of whales attract attention with their results. Now there are huge withdrawals from the stock markets. So, for which altcoin did this flow take place? Let’s see our news.
Altcoin whale goes live
Surprisingly, a long-dormant Ethereum whale suddenly became operational. He made a huge transfer of 7,998 ETH, equivalent to $15.18 million. This unexpected activity caught the attention of both the cryptocurrency community and market watchers. It also fueled speculation about the intentions of the addressee.
Crypto intelligence portal EmberCN revealed that this address previously received 50,000 ETH from an initial coin offering (ICO) participant in 2017. The sudden movement of these tokens after a six-year sleep has left many confused.
Where did the movement take place?
Further investigation revealed that in the months following the receipt of 50,000 ETH, the address strategically transferred 36,000 tokens to the popular Kraken exchange. These tokens are potentially sold for an average price of $255. Accordingly, this indicates a calculated sales approach.
The history of the address paints a picture of token accumulation and strategic selling. During an ICO in July 2015, the original Ethereum bidder associated with this address bought a substantial amount of 192,026 ETH at a price of $0.311 per unit, laying the foundation for significant assets. Over the next two years, most of the acquired tokens entered centralized exchanges. The number of altcoin ethereum entered is 177,403. It also potentially retails for around $70 on average. These transactions show that the address holder is following a well-planned strategy, taking advantage of favorable market conditions.
There is curiosity
The recent movement of 7,998 ETH from the dormant address has sparked speculation and curiosity in the cryptocurrency community. Analysts are keeping a close eye on other developments or possible explanations for this sudden movement. The transparent nature of the Ethereum blockchain allows individuals to track transactions in real time. Accordingly, it makes it possible to observe the movement of tokens. The address in question, which can be accessed from the Etherscan platform, has become the subject of examination and analysis.
It is interesting that the dormant Ethereum whale has become active again. In addition, the reasons behind the transfer of funds remain unclear. On the other hand, the event undeniably drew attention to the broader crypto market. Such events are a reminder of the inherent unpredictability and volatility in the cryptocurrency space. After all, the movement of 7,998 ETH from a long-unused Ethereum address aroused interest as Kriptokoin.com. The address’s history of strategic selling and token hoarding adds to the mystery surrounding its owner’s motivations.
Altcoin Ethereum declines on exchanges
The percentage of altcoin ETH held on exchanges has dropped to a new low of 12.6% over the past 30 days, according to Glassnode data. This drop is often interpreted as a bullish sign. It also shows that the current supply of tokens for instant sale is dwindling. Fewer tokens on exchanges make the market less susceptible to spikes. It also increases investor confidence. The combined effect of decreasing stock market balances and increasing deposits in smart contracts bodes well for Ethereum’s price trajectory. With the decrease in liquid supply, the potential for price manipulation decreases. On the other hand, it provides a solid foundation for ETH’s upward momentum.
In addition, the net flow volume of deposits and withdrawals from exchanges highlights a significant increase in withdrawals since the beginning of June. This trend coincided with regulatory pressure on major exchanges like Binance and Coinbase. It is important to approach these data with caution. However, it is necessary to draw attention to the similarity of withdrawals with the November 2022 scenario. At that time, a similar decline in exchange balances preceded a notable 33% increase in the price of ETH.
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