Giant Whale Awakens: Ethereums that have been dormant for 2.5 years are in action!

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A long dormant wallet containing a large amount of Ethereum was activated a few years later. Lookonchain, a cryptocurrency data analytics platform, has announced that an anonymous Ethereum whale has been activated after two and a half years. reported.

According to data shared by Lookonchain, the transaction took place at 01:35 UTC today, and the owner of the address withdrew 2000 ETH worth approximately $3.5 million from his Binance account. Lookonchain also said that the address has been inactive for two and a half years.

The last time the user had withdrawn from this address was USDC worth $1 million from the world’s largest cryptocurrency exchange with 24-hour trading volume on September 2, 2020.

The reason behind today’s transaction remains unclear. On the other hand, some crypto enthusiasts believe that the reports of the Commodity Futures Trading Commission (CFTC) lawsuit against Binance and its CEO Changpeng Zhao (CZ) may have influenced the whale’s decision.

It is worth remembering that the CFTC has filed lawsuits against Binance and CZ.

Sudden Drop in Bitcoin Price! What’s going on?

Is the Big ETH Transfer Just a Coincidence?

There is also a trend that the withdrawal of 2,000 ETH by Binance users may be purely coincidental. Recently, cryptocurrency investors have made many similar transactions.

In November, an Ethereum address with 200 ETH was activated after more than seven years of inactivity. Similarly, another whale activated another address containing 500 ETH that has been dormant for 7.3 years.

Besides ETH, whales have also carried large amounts of other crypto assets that have been dormant for more than two years. An example of this is that earlier this month, the unnamed whale moved 2,400 Bitcoins (BTC) that had been dormant for over five years.

Many investors put their crypto assets dormant for years. Sometimes, the rationale behind this action is to hold the asset until its price rises. In other cases, a crypto address may go dormant due to unforeseen circumstances.

You can follow the current price action here.

Source : the crypto basic


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