Millions of dollars worth of Ethereum addresses, which seemed to be dormant since the ICO of the second largest network in the cryptocurrency markets, have suddenly woken up. It was seen that the waking whale address transferred large amounts of ETH between anonymous wallets. The said transfers were enough to scare ETH investors.
The giant whale transferred its total assets by dividing it into 5 thousand ETH per address. The whale's first source of ETH appears to have been acquired through the Ethereum Genesis ICO in 2014, where the Ethereum Foundation offered 1 ETH for $0.31. On the other hand, it is seen that the giant whale sold some of the ETH in its wallet on the cryptocurrency exchange Bitfinex on July 31, 2019, for $ 219 per token. Let's add that the total value of ETHs sold on the crypto money exchange is about 1 million dollars.
As of today, the cryptocurrency whale can sell the remaining 145 thousand ETH in its address for approximately $ 280 million with a market order. It is emphasized that the potential drop in the price of such a high amount of ETH can be remarkable. However, due to the nature of the transaction, it seems that not all ETH transfers are to cryptocurrency exchanges. This is interpreted as the whale is not preparing to sell its ETHs. The most likely scenario, according to many market experts and analysts, is that the whale is preparing to run an Ethereum 2.0 node to generate passive income.
Considering the slight price correction in Ethereum, some members of the cryptocurrency community fear that the whale in question will sell some of its holdings when ETH is trading around $2,000, and repurchase lower once Ether drops below $1,000 with the sales. makes an assumption.
Fortunately for crypto investors, $200-$250 million in selling pressure in a coin like Ethereum is not enough to crash Ethereum markets as thought, as the largest centralized cryptocurrency exchanges and OTC desks can meet demand without causing excessive volatility.