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Wallet with more than US$1 billion in ETH returns to activity after 8 years
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Amid a market rally, a large Ether (ETH) portfolio began to register movements again. According to Lookonchain, the address has more than $1 billion and has been inactive since 2016.
The portfolio does not belong to an isolated investor, but to an entity that controls 28 other portfolios, and holds 398,891 ETH. In recent days, the entity has started selling its ETH at a controlled pace.
Sales began this Thursday morning (07), according to the data. In just six hours, the address dumped 13,400 ETH, profiting around $37.38 million in the process. The investor had an average price of $2,790 per ETH, while the current price of the cryptocurrency is $2,810.
The wallet’s history indicates that its owner began accumulating Ethereum in January 2016, when he made purchases on the ShapeShift exchange. At the time, the investor paid around US$3.5 per ETH, which gives this address a profit of almost 1,000 times.
Ether could see big bull rally
All 28 wallets transferred ETH to new ones in August 2016, suggesting that these addresses are likely connected and managed by the same.
The recent sales have sparked curiosity and potential concern, especially given the timing of these large-scale transactions. ETH rose more than 8% in the last 24 hours and reached levels above US$2,800, surpassing the appreciation of Bitcoin (BTC) and Solana (SOL).
According to the cryptocurrency trader known as “Byzantine General”, BTC could be ready for a huge rally due to the current accumulation of open interest, and the same should happen with ETH.
Byzantine General suggests that this accumulation of open interest could lead to a short squeeze — a situation where traders who bet against ETH would be forced to buy back their positions as the price rises, potentially driving up the price of ETH significantly.
Following Donald Trump’s victory, Ethereum ETFs in the United States have experienced a significant increase in investments. The nine spot ETFs received a combined total of $52.9 million in net inflows on Nov. 6, the most in nearly six weeks.
The Fidelity Ethereum Fund accounted for the most with $26.9 million, followed by Grayscale’s Ethereum Mini Trust with $25.4 million. The remaining seven ETFs, including BlackRock’s iShares Ethereum Trust, saw no inflows.
Wallet with more than US$1 billion in ETH returns to activity after 8 years
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Wallet with more than US$1 billion in ETH returns to activity after 8 years
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Wallet with more than US$1 billion in ETH returns to activity after 8 years
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Wallet with more than US$1 billion in ETH returns to activity after 8 years
