Dormant Ethereum whale from nine years ago moves 50,000 ETH to Gemini…market watches for profit-taking signal
Summary
- An Ethereum (ETH) whale address that had been dormant for about nine years reportedly transferred 50,000 ETH (about $145 million) to the Gemini exchange.
- The address previously withdrew 135,000 ETH from Bitfinex, and the move came after prices rose by roughly 32 times from that period.
- It still holds about 85,000 ETH (about $244 million), and the large exchange transfer is being watched as a possible sign of potential profit-taking and its impact on short-term supply and demand.
A major Ethereum (ETH) holding address that had been inactive for an extended period is moving again, drawing market attention.
According to Wu Blockchain on the 26th (local time), an Ethereum whale address that had been dormant for about nine years transferred 50,000 ETH to the Gemini exchange over the past 12 hours. The transfer is worth about $145 million.
The address previously withdrew a total of 135,000 ETH from Bitfinex nine years ago, when Ethereum was trading around $90. At current prices, that implies roughly a 32-fold increase.
Even after this transfer, the address still holds about 85,000 ETH, worth about $244 million. The market is closely watching whether the large move to an exchange could signal potential profit-taking and affect short-term supply and demand.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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