Ethereum whale sells $37M in ETH after 8 years of holding
A long-dormant Ethereum (CRYPTO:ETH) whale holding over $1 billion in ETH has begun selling part of its holdings after eight years of inactivity.
Based on Lookonchain's recent report, this entity manages 28 connected wallets and started selling from its 398,891 ETH stash, valued at approximately $1.14 billion.
On November 7, the whale sold 13,400 ETH worth $37.38 million within six hours at an average price of $2,790 per ETH.
The whale’s history traces back to January 2016, when they accumulated Ethereum from Erik Voorhees’s Colorado-based exchange, ShapeShift, at an average cost of around $3.5 per ETH.
Lookonchain's analysis indicates that all 28 wallets moved ETH to new addresses in August 2016, reinforcing the likelihood that these wallets are linked and controlled by the same entity.
The timing of these significant transactions has generated interest, occurring amid a rally in the cryptocurrency market and following the US presidential election results.
Ethereum experienced an 8% rise in value over the past 24 hours, outperforming Bitcoin (CRYPTO:BTC) and Solana (CRYPTO:SOL).
According to the crypto trader Byzantine General, the current market dynamics could signal the start of a major rally for Ethereum.
The buildup of open interest, reportedly filled with short positions, might trigger a short squeeze.
This scenario could force traders betting against ETH to buy back their positions as the price climbs, potentially pushing ETH's value upward.
“This could be one of the most memorable short squeezes in Ethereum’s history," Byzantine General remarked.
Spot Ethereum ETFs in the US have also seen a surge in investments.
According to recent data, total inflows reached $52.9 million on November 6, marking a six-week high.
Fidelity’s Ethereum Fund led with $26.9 million, while Grayscale’s Ethereum Mini Trust followed with $25.4 million.
Other ETFs, such as BlackRock’s iShares Ethereum Trust, saw no inflows.
At the time of reporting, the Ethereum price was $2,876.78.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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