That imposing movement is particularly eye-catching as it occurred amid a bearish market after six years of inactivity. The owner of that wallet bought Ether massively when it was just above USD 1, reminding investors that long-term holding is an effective strategy.
An imposing Ethereum whale recently snorted, which did not go unnoticed in the market because it occurred at a very particular moment. In addition, the significant movement of tokens came from a wallet that had been dormant for many years.
Regulators Sound the Alarm When Detecting Movements by Crypto Whales
Large financial movements by the whales have always been relevant and meaningful in the crypto industry.
Those considerable movements of funds provide information on the tectonics of the industry, its dynamics, and its health.
Since the term whale is as old as traditional finance, it does not only apply to crypto assets. However, the nature of the blockchain networks on which they evolve allows for witnessing often-discreet live maneuvers.
The above would happen without considering the many regulators in the industry who sound the alarm when detecting an unusual movement.
According to Santiment, a considerable movement of funds in Ether (ETH) came from an enormous address.
That movement, already imposing in its numbers, is particularly eye-catching as it occurred amid a bearish market. Besides, the above Ethereum had been inactive for around six years.
Long-Dormant Whales Know Long-Term Holding Is an Effective Strategy
There has been a significant bearish movement in the crypto market over the last 48 hours, led by Bitcoin (BTC) and Ether.
It is impossible to determine whether there is a correlation, but the holder chose to wake his wallet after six years of dormancy. He moved 15,000 ETH, equivalent to around USD 22.5 million at the current price.
Although the Ethereum whales usually cause turbulence, an example of which was the pre-Merge period, the age of the wallet is striking.
The owner of that wallet bought Ether massively in 2016 when the price was just above USD 1. That argument reminds investors that long-term holding is often the most effective strategy.
The considerable movement of Ether over the last two days resulted in the staking of a large amount of Ether. However, the address still maintains 85,000 ETH, equivalent to around USD 133 million, enough to wait until the crypto winter ends.
The Trading of ETH Has Increased due to Massive Whale Activity
The value of ETH has risen significantly over the last 48 hours thanks to the massive whale activity in the market. After accumulating another four percent overnight, the price rally has caused growing pains to short traders in the futures market.
Data from Coinglass indicate over USD 475 million worth of liquidations in the ETH futures market over the last 24 hours. The figures are more staggering for the overall crypto market, which saw USD 1.2 billion in liquidations, with 87.21% of losses coming from short liquidations.
Meanwhile, Ether is trading at around USD 1,538 and has accumulated a 1% gain over the last 24 hours. While its daily volume is above USD 20.86 billion, its daily trading volume is about USD 185.63 billion, according to CoinGecko.
By Alexander Salazar
