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The Ethereum whale address that was inactive for 9 years transferred 85,000 ETH in total (about $250 million) to the Gemini exchange on Tuesday.
According to blockchain researcher EmberCN, the whale wallet “0xb5a…168d6” bought and acquired 135,000 Ethereum at $90 each through Bitfinex in 2017. The reserves were worth $12.17 million at the time.
After 9 years, the whale transferred all of his Ethereum assets, now worth $393 million, to Gemini just one day later.
Big change from Ethereum to Gemini
Arkham’s graphics show The address transferred 50,000 ETH on Monday, following a sale of 25,000 ETH earlier this week. Also, this investor transferred the remaining 60,283 thousand ether (ETH) to the Gemini exchange, which alone is worth $175.23 million. This address currently has $70 worth of altcoins.
The EmberCN post said that the whale earned about $381 million, a return of 32x, for being invested for 9 years.
The biggest transfer comes after one week Bitcoin wallet Transfer 909 Bitcoin which now has more than $84 million, has moved to a new address after more than 12 years of non-operation.
Expert: Ethereum is low risk.
Ethereum fell during the week, falling more than 7% to below the $2,800 level. The digital currency has now increased, and is trading at $2,934 at the time of writing.
The recent decline reflects the sell-off associated with ETFs, which has slowed significantly and kept Ethereum’s price below the $3,000 level. However, blockchain data shows that the number of active addresses per day has risen to around 1.3 million.
In addition, the demand for staking is increasing, reducing the spread. For example, Tom Lee’s company BitMine has sold 2,218,771 ETH (worth $6.52 billion), more than 52% of its total. This includes Its last share is 209,504 Ethereum (worth US $ 610 million) today.
However, Mike McGlone, chief market analyst at Bloomberg Intelligence, said that Ethereum is at risk of sliding towards the end of its long-term trading range.
Ethereum seems to be heading towards the end of its $2,000-$4,000 price range from 2023, he said in a post on X.
“I see more risk in the price staying below $2,000 than rising above $4,000, especially as market volatility increases.”
A note Ethereum whale after sleeping for nine years moves $250 million worth of Ethereum to Gemini: data on blockchain appeared for the first time Cryptonews Arabic.
