Ancient Ethereum whale just made history again – uncanny move during market dip excites the cryptosphere.
A mega crypto wallet address by the ending 0x2dCA just woke up after 10 years of sleep, with 10.655K Ether (ETH) coins unmoved. Tied to an Ethereum ICO participant, this wallet just made a $120 million move, but instead of selling, the OG crypto whale did something out of the ordinary.
Genesis-Era Whale Waited a Decade For This
The 40K Ethereum (ETH) tokens were deposited to the Ethereum Beacon Chain, which is the enabler of Ethereum’s current Proof Of Stake (PoS) consensus. The on-chain sleuths at LookOnChain singled out this case as most of the Initial Coin Offering (ICO) holders sold massively during the recent months.
Staking enables Ethereum (ETH) holders to yield rewards in return for locking up their ETH tokens for a selected period of time. This not only secures the blockchain, but provides liquidity for broader use of the underlying asset, a trait of strong conviction in growth.
Whale Sentiment Softens, ETH Reaches $3K
Certainly, the broader concerns that long-inactive crypto currency holders have started selling Ethereum (ETH) are not based on rumor. Key on-chain metrics like the Chaikin Money Flow (CMF) stood negative for consecutive days, implying continuous profit-taking.
Luckily, the trend has shifted today, as Ethereum (ETH) restored the $3K resistance level. The big-time investor sentiment is still slightly on the selling side, but the shift from highly-negative figures adds relief to the market exhaustion, soaking in fear for the past few months.
For now, the Crypto Fear & Greed Index stays at ‘extreme fear’ levels of 23, hinting that many retail players are in disbelief about a sustainable bounce back rally. The sentiment could brighten if Ether’s price keeps above the Exponential Moving Average (EMA) trend-line.
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