An Ethereum wallet holding 16.636 ether from 2016 has sold its holdings, netting a profit of over $37,9 million.
The recent movements of an Ethereum wallet with more than 16.600 ethers in its possession have shaken the crypto market. The wallet, known as a “crypto whale” due to its huge holding of crypto assets, has woken up after remaining dormant for eight years.
Cryptocurrency monitoring platform Whale Alert reported that this former ETH holder had begun to liquidate part of his assets, amid an environment of uncertainty and volatility for the market in general.
Ether and Bitcoin Whale Movements
On September 15, the Ethereum wallet that had been dormant since 2016 re-emerged to sell 350 ETH, valued at approximately $819.000 at the time of the transaction. This wallet had accumulated a total of 16.636 ETH at the time, when the price of the cryptocurrency was around $5 per unit.
Today, that amount of ether has grown in value to nearly $38 million. According to the data, this represents an exponential increase of 43.300% since its original purchase.
But the recent movements of the Ethereum whale are not isolated. The platform has reported, in the last 24 hours, two other large holders of ETH and BTC who have also woken up after remaining inactive for several years, moving significant amounts of both cryptocurrencies to exchanges. Two other Ethereum whales moved 14.081 ETH and 13.977 ETH, respectively, to exchange addresses, while one Bitcoin whale, dormant for 10,8 years, woke up, moving $2,5 million worth of BTC.
Recent moves suggest that these large crypto holders may be considering selling their holdings.
Market analysts have commented that the activity of these whales could be an indication of a possible correction, especially in a volatile environment such as the one we are currently experiencing.
Volatility in the crypto market
The cryptocurrency market started this week experiencing considerable volatility. After recording a week of growth, the prices of the main cryptocurrencies, Bitcoin and Ethereum, have seen a correction of 3,9% and 4,5%, respectively, in the last few hours.
The price of Bitcoin is around $58.000, while Ethereum is trading at around $2.300. As reported by this media recently, the Prospects for interest rate cuts by the Federal Reserve in the middle of this week are plunging investors into a state of nervousness, due to the magnitude and impact that changes in monetary policies in the United States could have on risk assets, including cryptocurrencies and digital assets.
Also, as the US presidential election approaches, investors are increasingly paying attention to how the results of the electoral contest could influence the cryptocurrency market.
These elections could bring with them uncertainty, due to the anticipation of any drastic changes in the country's economic policy. Analysts suggest that this could affect investors' perception towards cryptocurrencies and lead to further volatility in the market.
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