Large amounts of Ethereum are on the move as previously inactive whale accounts wake from a five-year slumber. Two whale wallets moved $27M worth of ETH.
According to the on-chain monitoring Twitter feed “Lookonchain,” two inactive Ethereum addresses have begun to exhibit activity as of December 19.
The addresses came back to life on December 18 after being inactive for five years. Outgoing transfers from the whale addresses totaled 22,983 ETH in two transactions. The transactions were worth more than $27 million in today’s dollars. Other experts said that it went to new wallets and hasn’t left yet.
It was difficult to tell what the transactions were for or who the ETH whales were because information was scarce.
Furthermore, Ethereum is not solely being moved by these whales. Additionally, according to Lookonchain, Three Arrows Capital (3AC) traded a significant amount of ETH on December 19. A total of $2.38 million worth of 2,000 ETH were taken out of Binance today. It also mentioned that there are still 6,595 ETH worth about $7.85 million in the 3AC address.
On the Whale Alert tracker, the most recent significant ETH transfer occurred yesterday when 23,758 ETH worth $28 million were transferred from Bitfinex to an unidentified wallet.
Ethereum Set For More Developments in 2023
Ethereum will see some significant developments in 2023. The early half of the year will see the introduction of staking withdrawals. However, if investors need to sell the item in a hurry, this might further drive prices downward.
On the Beacon Chain, 15.66 million ETH are presently staked. This is worth about $18.5 billion at the present pricing. Additionally, recent Ethereum supply has been rather minimal.
The implementation of proto-danksharding with EIP-4844 is another improvement. Rollup costs will be decreased ten to one hundred times as a result, although this won’t happen until the second part of the year.