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A long-dormant Ethereum (ETH<\/a>) wallet suddenly sold all $4.18 million worth of its ETH on Tuesday, according to the crypto tracker Lookonchain.<\/p>\n The wallet had held on to 2,591 ETH since November 2018, when the second-largest crypto asset by market cap was trading at around $110.<\/p>\n Ethereum is trading at $1,634 at time of writing, meaning the whale\u2019s ETH holdings skyrocketed by a staggering 1,385% in nearly five years.<\/p>\n Lookonchain notes <\/a>the whale swapped the Ethereum for the stablecoins USDT<\/a> and DAI<\/a>.<\/p>\n It\u2019s not the only large wallet to dump its Ethereum holdings after a long period of inactivity: Lookonchain also reports <\/a>that a different whale had been dormant for two years before transferring 10,000 ETH worth $16.5 million last week. It later deposited 10,000 ETH to the crypto exchanges Binance, KuCoin, and OKX via three addresses.<\/p>\n According to the blockchain tracker, that second whale also transferred another 10,000 ETH this week.<\/p>\n Ethereum whales have demonstrated bearish behavior<\/a> in the second and third quarters of 2023, according to the crypto analytics firm Santiment.<\/p>\n Explained Santiment\u2019s director of marketing Brian Quinlivan in late August,<\/p>\n \u201cThere has been about a 4-month-long dump in supply from addresses holding between 10 and 10,000 ETH.<\/i><\/p>\n They really were accumulating significantly at the end of last year, but profit taking from these key tiers happened hard and quickly right as the price was hitting around a 1-year high of approximately $2,120.\u201d<\/i><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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