Cryptocurrency market movements were further influenced by the reactivation of two dormant addresses, one holding 6,000 ETH and the other holding 121.63 BTC, after almost nine and seven years respectively. The reactivation of these dormant whales has sparked concerns over price stability in both the Ethereum and Bitcoin markets. This event occurred amid heightened volatility in the market and the release of a significant U.S. jobs report. Within four hours, nearly $49 million in Ether positions were liquidated, with long positions constituting almost 93% of the liquidations. The market response to these reactivations was clear and swift, with a marked increase in trading volume. Technical analysis indicates that Ethereum is currently in a consolidation phase, with significant resistance near the $3,967.43 level. An unknown large entity transferred 12,000 ETH worth around $40 million to the major U.S.-based exchange, Kraken. The anonymous whale previously deposited the same amount from address '0x370', which is linked to many other addresses, including Kraken's hot wallet. It is unclear whether the whale is preparing to sell the ETH or not. Such transfers are often seen as bearish events. The crypto community is eagerly awaiting news of Ethereum ETF approvals, anticipated this week. Ethereum's price is currently rising, up 3.4% to $3,357 per ETH. The recent price surge may have created an opportune moment for the whale to sell. [d1113918] [9ab1fcbb]
On July 28, 2024, a dormant bitcoin address created in 2017 transferred 121.63 BTC, now valued at $8.25 million, after more than seven years. The Pay-to-Public-Key-Hash (P2PKH) legacy wallet was initially created on April 9, 2017, when bitcoin (BTC) was priced at $1,187 per unit. The bitcoin acquired on April 9, 2017, was sent to the user in two transactions: one for 71.63 BTC and another for 50 BTC. In July, around 15 different dormant bitcoin addresses from the 2017 era became active after seven years of inactivity, totaling 529.04 BTC. It is uncertain whether these coins are being sold or merely moved to new addresses, but as the price surpasses its previous all-time high, it is likely that many dormant bitcoin wallets will begin to activate. [1d0c1dec] [9ab1fcbb]