After 5 years of inactivity, a large investor transferred 39,260 ethers, or approximately $87.5 million, to the crypto exchange. What if it was to sell your ethers?
While the cryptocurrency market has undergone a slight correction since this Sunday, a very interesting “whale” could weigh on the ether. Blockchain analytics company Lookonchain spotted a whale that woke up after 5 years of inactivity. As a reminder, crypto whale is a specific term for investors who hold significant amounts of cryptocurrency (for example, more than 1,000 bitcoins or more than 10,000 ethers), whose movements can have an impact on the cryptocurrency market.
In 2017, this crypto-wallet received 47,260 ethers, which at the time represented $11 million. Then there will be no more activity on this wallet. And there, on December 5, the address was reactivated by transferring a large part of its assets to the cryptocurrency platform Kraken, 39,260 ether, or about $87.5 million at the then price of ether. This represents a latent capital gain of $78 million, with an initial investment of $11 million. dollars
Cold on the market?
All this caused a cold sweat among the observers. If the investor ever decides to sell his assets, he risks pain in the market, which is certainly increasingly monitored, but still complicated in terms of liquidity.
“Browsing a cryptocurrency exchange generally means that the holder can sell tokens for stablecoins or convert them to other tokens,” CoinDesk points out.
And after the recent additions, everyone is wondering if we should take profits with a significant chance that everyone will do so at the same time, which could really freeze our dick. Crypto Christmas and the explanation of sudden drops in hours.