Ethereum Whale Moves $800M for Staking, Holds $3 Billion Total
Key Highlights:
- An Ethereum holder moved 200,000 ETH, valued at approximately $800 million, after years of inactivity. This investor controls a total of 736,316 ETH, worth nearly $3 billion.
- The transferred ETH was directed towards staking services instead of trading venues, indicating long-term confidence in Ethereum.
- The ETH originated from Bitfinex and mining pools active around 2017, with some wallets inactive for over eight years.
- When last active, these coins were worth about $30 million, contrasting sharply with today's valuation approaching $3 billion.
Market Impact:
- The movement occurred amid an Ethereum price dip to $3,829, the lowest since August, influenced by ETF outflows totaling $547 million earlier this week.
- All ETFs recorded net outflows, except BlackRock, which had no activity that day but sold $27 million worth of ETH previously.
- Staking may reduce immediate sell pressure but continued ETF outflows could maintain downward price pressure.
Analysts note such large transfers typically cause liquidation fears; however, the absence of exchange deposits helped calm traders. Staking shifts coins off liquid markets, potentially reducing sell pressure. Continued ETF outflows remain a concern for price stability.