Two cryptocurrency wallets that had remained dormant for 949 days have suddenly reactivated. According to blockchain analytics platform Lookonchain, these previously inactive wallets spent 12.37 million DAI to acquire 7,738 ETH at a price of $1,599 per token a few hours ago.
One of these wallets promptly deposited a portion of the newly purchased Ethereum into Tornado Cash. This immediate movement to a privacy tool following such a large purchase after nearly three years of inactivity has raised questions about the whale’s move.
Several Ethereum wallets accumulate ETH
The timing of these reactivated wallets coincides with other major Ethereum movements from major players in the market. Lookonchain also reported that another whale spent $16.37 million to purchase 10,328 ETH at $1,585 within a two-hour window.
Meanwhile, institutional activity shows a different pattern as Galaxy Digital, the cryptocurrency investment firm founded by Mike Novogratz, deposited 12,500 ETH (approximately $20 million) to Binance several hours ago. This is part of an overall trend, and Lookonchain noted that over the last six days, Galaxy Digital made a total of 62,181 ETH, amounting to $99.46 million in combined exchanges.
These contrasting motions with inactive wallets and new whales accumulating as a big institutional investor appear to be dispersing, revealing the different market forces.
Despite mixed signals from large holders, market analysts remain optimistic about Ethereum’s prospects. Crypto analyst “Crypto Caesar” emphasized the importance of the current market situation. He stated that Ethereum is testing support levels and suggested this could be an opportunity for significant gains, according to the latest Ethereum price forecast.
Likewise, another analyst known as “Belle” noted that Ethereum seems to be preparing for a huge move when the market attention is diverted elsewhere. The analyst noted strong weekly technical setup, solid support levels, and increasing momentum as positive indicators for Ethereum’s future performance.
