{"id":601891,"date":"2024-04-07T18:30:28","date_gmt":"2024-04-07T18:30:28","guid":{"rendered":"https:\/\/wncen.com\/?p=601891"},"modified":"2024-04-07T14:15:21","modified_gmt":"2024-04-07T14:15:21","slug":"sleeping-giant-awakens-ancient-ethereum-whale-with-over-12000-eth-creates-noise","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/sleeping-giant-awakens-ancient-ethereum-whale-with-over-12000-eth-creates-noise\/","title":{"rendered":"Sleeping Giant Awakens! Ethereum Whale With Over 12,000 ETH Creates Noise"},"content":{"rendered":"

The Ethereum market is buzzing after a long-dormant “whale” \u2013 a major investor holding a vast amount of cryptocurrency \u2013 resurfaced and transferred a significant amount of ETH to the Kraken exchange. This move has sparked speculation about a potential price drop, but wider market trends suggest a more complex picture.<\/p>\n

Related Reading: Bitcoin Dips, But Don\u2019t Panic: ETFs See Three Days Of Bullish Inflow<\/a><\/div>\n

On-chain analytics firm Spot On Chain has disclosed that the investor, who participated in Ethereum’s Initial Coin Offering (ICO) in 2014, recently deposited 1,069 ETH, valued at roughly $3.56 million, to Kraken.<\/p>\n

Traditionally, deposits to exchanges are seen as a sign of intent to sell, potentially putting downward pressure on the price of ETH.<\/p>\n

This whale’s activity is particularly noteworthy because of their participation in the Ethereum ICO. Back in 2014, they acquired 12,566 ETH at a meager $0.30 per token. The recent transfer represents just a fraction of their holdings, but the sale price \u2013 over $3,300 per ETH \u2013 signifies a massive profit for the early investor.<\/p>\n

\n

An #Ethereum<\/a> #ICO<\/a> participant returned after 1.12 years to deposit 1,069 $ETH<\/a> ($3.56M) to #Kraken<\/a> at $3,329 3 hours ago.<\/p>\n

The whale received 12,566 $ETH<\/a> at #Ethereum<\/a> Genesis in Jul 2015, at an ICO price of ~$0.31,<\/p>\n

And then distributed the $ETH<\/a> across 12 wallets in 2017, of which\u2026 pic.twitter.com\/Lid1hItGik<\/a><\/p>\n

\u2014 Spot On Chain (@spotonchain) April 6, 2024<\/a><\/p><\/blockquote>\n

Ethereum Market Shows Signs Of Accumulation<\/strong><\/h2>\n

While the whale’s move might suggest a potential sell-off, on-chain data reveals a broader trend that could offset its impact. According to IntoTheBlock, a blockchain analytics company, the past quarter witnessed a significant outflow of ETH<\/a> from cryptocurrency exchanges, totaling a staggering $4 billion.<\/p>\n

This movement suggests that many investors are accumulating ETH, potentially anticipating future price increases.<\/p>\n

<\/p>\n

Ether market cap currently at $409 billion. Chart: TradingView.com<\/a><\/pre>\n
Dencun Upgrade Fuels Ethereum Network Activity<\/strong><\/h2>\n
The news comes on the heels of Ethereum’s successful Dencun upgrade<\/a>, implemented in March 2024. The upgrade aimed to address the network’s scalability issues, specifically targeting high transaction fees and slow processing times.<\/p>\n
Early signs appear positive, with IntoTheBlock reporting a surge in activity on the main optimistic rollups (Layer 2 scaling solutions) following the upgrade.<\/p>\n
Weekly transaction volume reached highs of 32 million, indicating increased network usage. While gas prices have risen recently, they were initially significantly lower on many Layer 2 solutions after the upgrade.<\/p>\n
Related Reading:  Solana Primed For Takeoff? Expert Analysis Points To Buying Opportunity<\/a><\/div>\n
Market Uncertainty Remains<\/strong><\/h3>\n
The combined effect of the whale’s sale, the wider accumulation trend, and the Dencun upgrade’s impact on network activity make it difficult to predict the short-term direction of the Ethereum market.<\/p>\n
While the whale’s sale could trigger a price dip, the broader accumulation trend suggests underlying bullish sentiment. The Dencun upgrade’s success in reducing transaction fees and increasing network usage could further bolster investor confidence.<\/p>\n
Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
The Ethereum market is buzzing after a long-dormant “whale” \u2013 a major investor holding a vast amount of cryptocurrency \u2013 resurfaced and transferred a significant amount of ETH to the Kraken exchange. This move has sparked speculation about a potential price drop, but wider market trends suggest a more complex picture. Related Reading: Bitcoin Dips, But Don\u2019t Panic: ETFs See Three Days Of Bullish Inflow On-chain analytics firm Spot On Chain has disclosed that the investor, who participated in Ethereum’s Initial Coin Offering (ICO) in 2014, recently deposited 1,069 ETH, valued at roughly $3.56 million, to Kraken. Traditionally, deposits to exchanges are seen as a sign of intent to sell, potentially putting downward pressure on the price of ETH. This whale’s activity is particularly noteworthy because of their participation in the Ethereum ICO. Back in 2014, they acquired 12,566 ETH at a meager $0.30 per token. The recent transfer represents just a fraction of their holdings, but the sale price \u2013 over $3,300 per ETH \u2013 signifies a massive profit for the early investor. An #Ethereum #ICO participant returned after 1.12 years to deposit 1,069 $ETH ($3.56M) to #Kraken at $3,329 3 hours ago. The whale received 12,566 $ETH at #Ethereum Genesis in Jul 2015, at an ICO price of ~$0.31, And then distributed the $ETH across 12 wallets in 2017, of which\u2026 pic.twitter.com\/Lid1hItGik \u2014 Spot On Chain (@spotonchain) April 6, 2024 Ethereum Market Shows Signs Of Accumulation While the whale’s move might suggest a potential sell-off, on-chain data reveals a broader trend that could offset its impact. According to IntoTheBlock, a blockchain analytics company, the past quarter witnessed a significant outflow of ETH from cryptocurrency exchanges, totaling a staggering $4 billion. This movement suggests that many investors are accumulating ETH, potentially anticipating future price increases. Ether market cap currently at $409 billion. Chart: TradingView.com Dencun Upgrade Fuels Ethereum Network Activity The news comes on the heels of Ethereum’s successful Dencun upgrade, implemented in March 2024. The upgrade aimed to address the network’s scalability issues, specifically targeting high transaction fees and slow processing times. Early signs appear positive, with IntoTheBlock reporting a surge in activity on the main optimistic rollups (Layer 2 scaling solutions) following the upgrade. Weekly transaction volume reached highs of 32 million, indicating increased network usage. While gas prices have risen recently, they were initially significantly lower on many Layer 2 solutions after the upgrade. Related Reading: Solana Primed For Takeoff? Expert Analysis Points To Buying Opportunity Market Uncertainty Remains The combined effect of the whale’s sale, the wider accumulation trend, and the Dencun upgrade’s impact on network activity make it difficult to predict the short-term direction of the Ethereum market. While the whale’s sale could trigger a price dip, the broader accumulation trend suggests underlying bullish sentiment. The Dencun upgrade’s success in reducing transaction fees and increasing network usage could further bolster investor confidence. Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":601905,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,6664,8323,4854,1946,88164],"class_list":["post-601891","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-crypto","tag-eth","tag-ether","tag-ethereum","tag-memecoins"],"acf":[],"yoast_head":"\nAncient Ethereum Whale With Over 12,000 ETH Creates Noise<\/title>\n<meta name=\"description\" content=\"The Ethereum market is buzzing after a long-dormant "whale" \u2013 a major investor holding a vast amount of cryptocurrency \u2013 resurfaced and transferred a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/sleeping-giant-awakens-ancient-ethereum-whale-with-over-12000-eth-creates-noise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ancient Ethereum Whale With Over 12,000 ETH Creates Noise\" \/>\n<meta property=\"og:description\" content=\"The Ethereum market is buzzing after a long-dormant "whale" \u2013 a major investor holding a vast amount of cryptocurrency \u2013 resurfaced and transferred a\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/sleeping-giant-awakens-ancient-ethereum-whale-with-over-12000-eth-creates-noise\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-07T18:30:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-07T14:15:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/a_a16d23.jpg?fit=1280%2C853\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Christian Encila\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Christian Encila\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/sleeping-giant-awakens-ancient-ethereum-whale-with-over-12000-eth-creates-noise\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/sleeping-giant-awakens-ancient-ethereum-whale-with-over-12000-eth-creates-noise\/\"},\"author\":{\"name\":\"Christian Encila\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/a2d6e9b600c0ed5252bbfc4170c3dd80\"},\"headline\":\"Sleeping Giant Awakens! 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Sleeping Giant Awakens! 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