The giant Ethereum Whale, the second largest cryptocurrency by market capitalization with over $1.14 billion in its wallet, recently started selling TH after lying dormant for the past eight years.
According to data provided by analytics company Lookonchain, the #cryptocurrency whale has 398,891 #ETH in its wallet, and it has started transferring some of these funds to cryptocurrency exchanges in an attempt to sell them. So far, 13,400 ETH worth $37.38 million have been sold.
According to the company, Wale began accumulating ETH on the decentralized exchange ShapeShift through at least 28 different wallets identified by the company in early 2016, when the cryptocurrency was trading at just $3.5 per token.
all 28 wallets transferred funds to new wallets in August 2016 and were inactive for the next eight years; after a recent 6.8 percent jump in the price of ETH, the "whale" began selling off.
a whale of $398,891 ($1.14B) ETH began selling off today after more than eight years of inactivity!
the last six hours, $13,400 $ETH ($37.38 million) has been sold at an average price of $2,790. Ethereum's $1.14 billion in Chinese "trophies" suggest that the second largest cryptocurrency by market capitalization may face selling pressure in the near future, and prices may fall.
the cryptocurrency falls short of the leading cryptocurrency Bitcoin: according to CryptoCompare, over the past 12 months, BTC has risen in value by more than 111%, while ETH has risen by about 49% over the same period.
Bitcoin's success can be partly attributed to the success of the spot exchange-traded fund (ETF) earlier this year, which saw record trading volumes compared to the underperformance of the #Ethereum spot #ETF .
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