Two Ancient Ethereum Whales Wake Up, Here’s What Happened Next

Two large Ethereum addresses woke up a few hours ago and transferred almost $30 million worth of ETH out. Both of them were last active five years ago, which is a signal of an increasing activity of old holders on the network, which leads us to certain conclusions.

Activity of dormant addresses like the ones listed in Lookonchain’s post is not unusual: networks are constantly seeing a spike in the activity of certain addresses that have not been active for years. Unfortunately, such awakenings are not a good factor for assets moving in a downtrend.

There are 2 addresses that have been dormant for 5 years woke up 13 hours ago and transferred 22,983 $ETH($27.34M) out.https://t.co/sVyDLL4wi1https://t.co/FDpiOoRyZg pic.twitter.com/P87c7daIIg

— Lookonchain (@lookonchain) December 19, 2022

With the intense selling pressure present on the market, selling contributions by whales is the last thing investors need at this point. Ethereum’s recent price performance shows that bulls are unable to keep up with existing market conditions as the price of the second biggest cryptocurrency on the market plummeted below the $1,200 price threshold.

The inability to recover to pre-FTX levels and at least two failed rallies could have been the main reasons behind investors’ desire to drop some of their holdings and de-risk their portfolios.

On Dec. 13, Ethereum broke down and lost more than 11% of its value in the last three days, making yet another breakthrough attempt that has been negated after the market realized that the FED’s actions are not helping risky assets like Ethereum, Bitcoin or cryptocurrencies in general.

As for the whales, the addresses made no transfers after the initial alert. On-chain analytics have not found any connection of those addresses to any kind of illicit platforms or on-chain entities that participated in some kind of criminal activity.

At press time, Ethereum is trading at $1,185 and gaining 0.15% to its value in the last 24 hours.