A large amount of Ethereum is moving as previously inactive whale accounts wake up from a five-year slumber.
On December 19th, the on-chain analytics Twitter feed “Lookonchain” reported that two dormant Ethereum addresses began showing activity.
Address has been inactive for five years, but woke up on December 18th. His two transfers totaling 22,983 ETH were sent from the whale address. At current prices, the transfer was valued at over $27 million.
Other analysts reported that it went to new wallets that had not yet leaked elsewhere.
Ethereum in motion
Due to the lack of details, it was unclear what the transfer was about or who the ETH whale was.
Moreover, these whales are not the only ones powering Ethereum. Lookonchain also reported that Three Arrows Capital (3AC) moved a significant amount of his ETH on December 19th. His 2,000 ETH worth about $2.38 million was withdrawn from Binance today. He added that the 3AC address still has 6,595 ETH, worth about $7.85 million.
The latest large ETH transfer on Whale Alert Tracker was yesterday, with 23,758 ETH worth $28 million. moved From Bitfinex to an unknown wallet.
Ethereum’s pipeline for 2023 has some important appointments. Staking withdrawals will go into effect in the first half of the year. However, if the staker needs to sell the asset in a hurry, this could put further downward pressure on the price.
There is currently 15.66 million ETH staked on the beacon chain. At current prices, this is valued at around $18.5 billion. Additionally, Ethereum issuance has been sluggish lately.
Another upgrade is the deployment of proto-danksharding with EIP-4844. This will result in a 10x to 100x reduction in rollup charges, but we won’t expect it until the second half of this year.
ETH Price Outlook
Unfortunately for investors, the price of Ethereum took another hit over the weekend. ETH has fallen from last week’s levels to $1,180 at the time of writing.
Additionally, assets have fallen 8% over the past two weeks as the crypto market beats out another setback. is.
ETH is currently down about 76% from its November 2021 all-time high of $4,878. According to the cryptocurrency Twitter, there are mixed feelings about where the price will head next.
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