Dormant Ethereum (ETH) Whale Revives to Take This First Action as Market Drops

A dormant Ethereum (ETH) whale, which had previously been inactive, has resumed its activity and made a significant move as the crypto market experienced a sharp drop.

According to Spotonchain, a whale revived after two years of dormancy to withdraw 5,580 ETH worth $13.76 million from Coinbase in recent hours. Depositing on exchanges often implies an intention to sell, while withdrawals might imply accumulation.

Another big earner accumulated $ETH today!

Whale 0xc47 returned after 2 years of dormancy to withdraw 5,580 $ETH ($13.76M) from #Coinbase ~1 hour ago.

Notably, this whale used to make an estimated profit of $31.1M (+43%) from $ETH between Sep 8, 2020 and Mar 9, 2022.

For more… https://t.co/TvekFYnssb pic.twitter.com/lC9L3gIz2t

— Spot On Chain (@spotonchain) January 19, 2024

Notably, this whale was a big earner who made an estimated profit of over $31 million from ETH between Sept. 8, 2020, and March 9, 2022, before it entered dormancy.

Notably, Ethereum whales are taking advantage of the recent price drop across the markets to accumulate more tokens at a discount.

Cryptocurrencies fell on Thursday, with Bitcoin dropping back to around $40,000. Ethereum, which had surged in recent days while Bitcoin faltered, has also fallen. It was last down 1.25% at $2,484.

Spotonchain reports that another massive whale with $25.8 million in total profit from ETH has taken advantage of the recent market dip to accumulate more tokens. The said whale recently withdrew a large chunk, 3,600 ETH worth $8.84 million, from the Binance crypto exchange, buying at a lower price.

ETH developers tease big announcement for Dencun upgrade

This week, Ethereum developers deployed the Dencun upgrade, which includes proto-danksharding (EIP-4844) on the Goerli testnet. This is a forerunner to projected deployment on the Ethereum mainnet, which is expected for the first quarter of 2024.

According to Ethereum Core developer Tim Beiko, Sepolia will be forking on Jan. 30 and Holesky on Feb. 7, while urging the community to expect an announcement regarding client releases in the upcoming week.

As for what might come after the Dencun upgrade, Paradigm predicts the Prague hard fork on Ethereum testnets by Q3,2024, and the mainnet by the end of the year.

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