Ahead of the announcement of the launch of the ETH spot ETF market
Wallet holding 977 ETH awakens from 9-year sleep
);)
On-chain analysis platform WhaleAlert announced on the 22nd that a wallet that had been dormant for 9 years holding about 977 Ethereum in the official X account suddenly became active.
What is important to note is the timing of activation of the wallet. The wallet woke up from a long sleep of nine years at 1 a.m. on the 22nd, just two hours before the U.S. Securities and Exchange Commission (SEC) announced the final approval of the Ethereum spot ETF securities report 'S-1s'.
Suspicion that whales holding large amounts of Ethereum will seek to realize profits before the launch of the Ethereum spot ETF began in earnest this month.
According to data released by the on-chain analysis platform The Datanerd, the Ethereum whale wallet transferred about 1,665 Ethereum purchased eight months ago to Binance on the 17th. The wallet purchased Ethereum in December 2023 at an average purchase price of about $2,055, and the Ethereum currently had a return of about 40%.
A domestic digital asset (cryptocurrency) official said, “There is also a prospect that the Ethereum spot ETF will see a net outflow immediately after the ETF market launch due to the high fees of Grayscale’s ‘ETHE’, just as it did when the Bitcoin spot ETF market was launched.” He said, “It is assumed that Ethereum whales are trying to realize profits in line with the good news of ‘ETF market launch’.”
He then emphasized, “It appears that the famous saying, ‘Buy with fear, sell with cheers,’ has been fully realized.”
Reporter Seungwon Kwon ksw@
