Dormant Whales Awakening: A Sign of Things to Come?
As the crypto market holds its breath in anticipation of the spot Ethereum ETF decision, a flurry of activity has been detected in dormant whale wallets. These long-dormant addresses, holding significant amounts of Bitcoin, Ethereum, and Dogecoin, have suddenly roared back to life. But what does this mean for the market, and is it a sign of things to come?
A critical moment for Ethereum
One address, inactive since May 2014, has awakened with a balance of 893,303 DOGE, worth a staggering $147,524. The whale’s first move was to transfer 23,338 DOGE (worth $4,000) to Binance, leaving a remaining balance of 869,964 DOGE. Crypto trader Crypto Signals was quick to react, questioning whether this movement signals a time to HODL or sell.
“Imagine those DOGE coins lying dormant for over a decade and now worth such a pretty penny. It’s like finding a forgotten treasure chest in the attic.” - Crypto Signals
Meanwhile, Bitcoin Magazine reporter and founder of Bitgrow, Vivek, reported a massive movement of $140 million worth of Bitcoin from an address that had held BTC from a price of $0.10 up until now, when it peaked at $71,000.
A massive Bitcoin movement
In another significant development, a dormant pre-mine address holding 86 ETH, worth $325,535, was reactivated after 8.8 years. This transaction was conducted just hours ago, sparking a “wake-up call after a decade of hibernation” according to Crypto Signals.
Separately, on-chain data provider The Data Nerd reported a whale that accumulated 1,502 ETH (around $5.61 million) over a span of three days, with an average entry of $3,692.
A whale’s accumulation of Ethereum
With the Ethereum ETF decision looming, the market is bracing for impact. Bloomberg analysts give it a 75% approval odds, while crypto research firm 10x Research puts it at 90%. If approved, Ethereum could see a significant surge, much like Bitcoin did following the approval of spot Bitcoin ETFs in January.
The odds are in favor of Ethereum
As QCP Capital noted, “with implied volatility above 100%, the market is expecting fireworks.” Will the awakening of these dormant whales be the spark that sets off a market rally? Only time will tell.
The crypto market awaits the Ethereum ETF decision
