Two whale wallets transferred $27.23 million worth of Ethereum.
This week has witnessed massive transfers of ETH from dormant whales.
ETH price currently trading below the $1,200 psychological level.
Influencing the market as a whole. Recently, reports surfaced that large amounts of Ethereum are being traded by dormant whales.
On December 19, an on-chain analysis firm revealed that two dormant Ethereum addresses had resurfaced. The addresses had been inactive for four years before being reactivated on December 18.
The whale addresses performed two transfers totaling 22,982 ETH. At current values, the transfers were worth more than $27.23 million. Some analysts believe that the ETHs were transferred to new wallets, with no outflows elsewhere as of yet.
Peckshield, a blockchain security and data analytics firm, claimed that the transferred ETH stemmed from the trading platforms Genesis and Poloniex. The firm noted that the whales transferred 13,104 ETH and 9,878 ETH, respectively, in a single transaction.
The firm also noted that the last movement of the dormant wallets was recorded in October 2018, when the price of ETH varied between $190 and $225.
Meanwhile, the firm also releases a chart that shows the historical movement of the assets and how they moved from trading platforms to new addresses over time. With less data available, it was unclear what the transfers were about or who the ETH whales were.
Furthermore, these whales are not the only ones that are transferring Ethereum. As per reports, Three Arrows Capital moved a significant amount of Ethereum tokens (2000 ETH) on December 19.
In addition, the most recent significant ETH transfer on the Whale Alert tracker occurred yesterday, when 23,758 ETH worth $28.15 million was transferred from Bitfinex to an unknown wallet. Experts believe that some big things are in the works for Ethereum in 2023.
Unfortunately for investors, Ethereum prices plummeted again over the weekend. At the time of writing, ETH had dropped from last week's highs to $1,185.
Furthermore, the token has dropped 7% in the last week as crypto markets continue to fall. However, they are modest fluctuations, and Ethereum has been range-bound since the FTX collapse in early November. ETH is currently down over 76% from its all-time high of $4,878 in November 2021.
What are your thoughts on the recent transfers of Ethereum tokens by dormant whales? Share your views in the comment section below.
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