Ethereum Whale Awakens: $224M Selloff Sparks Market Uncertainty

An inactive Ethereum (ETH) wallet dating back to 2016 has stirred to life, leaving traders on edge.

After nearly eight years of silence, the wallet initiated a massive selloff, unloading 73,356 ETH on November 7, 2024, for over $224 million.

This sudden move has raised questions about the whale’s intentions, especially since the wallet still holds a substantial balance that could disrupt the market if further sales occur.

Despite this activity, Ethereum has shown resilience. While it briefly dropped to $3,150, it bounced back to trade around $3,300, marking a 29% rise for the month as Bitcoin approaches $100,000.

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However, reports of 20.8 million ETH being transferred to Coinbase have sparked concerns about additional selloffs, potentially impacting prices.

Although market sentiment shows high greed at 88, the strong trading volumes and ETH’s ability to recover suggest the market might withstand further shocks. The question now is whether this whale will continue to sell or if the worst is already behind us.

Kosta Gushterov