The last active Ethereum address in 2014 has finally woken up.
An Ethereum wallet that has been dormant since the ICO suddenly wakes up and transfers many tokens to an unknown list of wallets. The entire amount is divided into 5,000 ETH for each wallet.
The whale’s initial source of ETH was due to participation in the Ethereum Genesis ICO in 2014 when the fund offered 1 ETH for $0.31. Whales sold a portion of ETH obtained on the Bitfinex exchange on July 31, 2019, for $219 per coin. The total value of the deal is about $1 million.
As of today, the remaining 145,000 ETH could easily be sold for around $250 million, considering the potential drop that such a large deal would cause if sold via a market order.
But at the same time, it is less likely that the whale will sell its holdings since the nature of the transaction does not appear to be all on the exchange. The most likely scenario is that investors will stake Ethereum 2.0 to receive passive income.
Considering the slight correction on Ethereum, some crypto community members suggest that this whale will sell part of his assets when ETH trades around $2,000 and buy it back cheaper when Ether drops below $1,000.
Luckily for crypto investors, the $200 million selling pressure wasn’t enough to crash the Ethereum market completely, as the largest centralized exchanges and OTC desks would fill the selling demand without did not cause significant fluctuations.
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