The Ethereum address that was last active back in 2014 made a big market comeback
The Ethereum wallet that has been inactive since the second largest ICO network in the market wake up all of a sudden and transferred a huge amount of tokens to a list of unmarked wallets. The total amount is divided into 5,000 ETH per wallet.
The initial source of ETH for the pope was participation in the Ethereum Genesis ICO that took place in 2014, when the foundation offered 1 ETH for $0.31. Unfortunately, our whale decided to sell a part of the ETH obtained on the Bitfinex3 exchange on July 31, 2019, at a price of $219 per coin. The total value of the deal is about $1 million.
Ethereum giant whale Genesis ICO 0x4bAf012726CB5EC7Dda57Bc2770798A38100C44d is active again after almost 3 years of dormancy. Since yesterday, a total of 145,000 ETH has been transferred and distributed to multiple wallets. Wallet link: https://t.co/hpLujWwxWi
— Wu Blockchain (@WuBlockchain) August 15, 2022
Today, the remaining 145,000 can easily be sold for approximately $250 million, considering the potential drawdown such a large deal will cause momentarily if sold through market orders.
But at the same time, it is unlikely that the pope will sell his goods, because the nature of the transaction does not seem to be all going to the exchange. The most likely scenario is that investors will open several Ethereum 2.0 nodes to receive passive income.
What if 145,000 ETH is sold in the market?
Considering the slight correction in Ethereumsome members of the crypto community think that whales will sell part of their holdings when ETH trades around $2,000 and buy back lower when Ether moves back below $1,000.
Fortunately for crypto investors, the $200 million selling pressure was not enough to crash the Ethereum market as the largest centralized exchange and OTC desk will cover the selling demand without causing an extreme spike in volatility.