An early Ethereum investor has transferred 13,083 ETH, valued at approximately $43.35 million, to the Gemini exchange, sparking significant market speculation. The transaction, reported by blockchain analytics firm Lookonchain, marks one of the largest movements from a long-dormant wallet, which had been inactive for nearly a decade. The wallet, identified as starting with 0xB3E8, still holds 34,616 ETH, worth about $115 million. Market analysts often view such deposits to centralized exchanges as potential precursors to selling, given the liquidity and order book access these platforms provide. However, the deposit does not necessarily confirm an immediate sale, as the holder might be preparing for other financial activities, such as collateralization or staking. The reactivation of dormant wallets often signals significant market events, drawing attention due to the potential impact on Ethereum's price and market dynamics.
Ethereum Whale Moves $43.4M to Gemini, Stirring Market Speculation
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