ETH whale wallet which has been dormant since 2016 come active amid a surge in the price of the token
A long dormant ether (ETH) whale wallet According to Sentiment, it has been activated for the first time in six years. The move coincides with bullish price action in the ETH market.
The whale moved 15,000 ETH, worth around $22.2 million, after having made its last transaction on Oct. 4, 2016. The tokens were moved to an empty wallet.
The crypto market intelligence platform says that the price of ETH has increased by about 8.1% since the wallet activity was recorded. As noted by Sentiment, ETH jumped above $1,500 for the first time in price action since the merge was completed six weeks ago.
ETH rally wiping out short traders
The address is not the only long-dormant whale that has become active recently. Another whale address that was last active in 2015 was also active recently, moving 400 ETH as U.Today reports.
sentiment was also mentioned earlier Whale addresses have moved around 320,000 ETH since October 20th. The price of ETH first declined, but has since risen significantly.
Meanwhile, this rapid price bounce has seen short traders in the futures market face cascading liquidations. More than $105 million worth of ETH shorts were liquidated within less than an hour during trading on Oct. 25 with the FTX exchange accounting for the lion’s share of liquidations.
