Idle Whale With Over $1B ETH Starts Selling After 8 Years Amid Ethereum Price Surge

In the midst of a market-wide rally, an Ethereum whale that has been dormant for over eight years has made an interesting move.

According to Lookonchain’s latest tweet, this entity, which controls 28 wallets, recently began selling some of its 398,891 ETH, worth approximately $1.14 billion. On November 7, in just a six-hour period, 13,400 ETH were sold, worth about $37.38 million, at an average price of $2,790 per ETH.

The whale story indicates that they started accumulating Ethereum from Erik Voorhees Colorado-based crypto exchange ShapeShift in January 2016 at an average cost of about $3.5 per ETH. Notably, all 28 wallets transferred ETH to new ones in August 2016, suggesting that these addresses are likely connected and managed by the same whale, according to Lookonchain’s findings.

Experts see the potential of Monster Rally on Ethereum

The recent sales have sparked curiosity and potential concern, especially given the timing of these large-scale transactions following the US presidential election. Ethereum rose more than 8% in the last 24 hours. The crypto asset even outperformed Bitcoin and Solana during the same period.

At the time of writing, ETH was trading at $2,818, but experts suggest it could be poised for a “monster rally.”

According to crypto trader pseudonym Byzantine General, the world’s largest crypto asset could be poised for a major rally due to the current accumulation of open interest, which he believes is heavily loaded with short positions.

The Byzantine general suggests that this build-up of open interest could lead to a short squeeze, a situation where traders who have bet against ETH would be forced to buy their positions as the price rises, which could rise significantly the price of ETH.

The trader hints that if this plays out, it could become one of the most memorable short squeezes in Ethereum history, with the potential to create a strong upward move in the price of ETH.

Ethereum ETFs post strongest entries in six weeks

Following Donald Trump’s stunning victory, spot Ethereum ETFs in the US saw a significant surge in investments, with inflows hitting a six-week high. The nine spot ETFs received a combined $52.9 million in net inflows on November 6.

The Fidelity Ethereum Fund accounted for the largest share at $26.9 million, followed by Grayscale’s Ethereum Mini Trust at $25.4 million. The remaining seven ETFs, including BlackRock’s iShares Ethereum Trust, saw no inflows.

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