Dormant Bitcoin, Ethereum, Dogecoin Whale Wallets Reactivated Ahead Of Spot Ethereum ETF Decision

Author: Khyathi Dalal | May 23, 2024 08:05am

Dormant Bitcoin (CRYPTO: BTC), Dogecoin (CRYPTO: DOGE) and Ethereum (CRYPTO: ETH) addresses have been activated ahead of Thursday’s possible Ethereum ETF approval.

What Happened: Whale Alert, a tracker of large and interesting transactions in the crypto space, reported some significant movements in dormant whale addresses within the past 24 hours. Awakening of such whale addresses has potential implications for the crypto market and the underlying crypto token's price movements.

An address dormant for 10.4 years that contains 893,303 DOGE, worth $147,524, got activated around 13 hours ago. The address inactive since May 2014 was activated by the transfer of 23,338 DOGE (worth $4,000) to Binance. The whale's balance continues to reflect a balance of 869,964 DOGE after the transfer.

Crypto Signals, a crypto trader, questioned whether the whale movement means it's time to HODL or time to sell. He stated, "Imagine those DOGE coins lying dormant for over a decade and now worth such a pretty penny. It's like finding a forgotten treasure chest in the attic."

Bitcoin Magazine reporter and founder of Bitgrow, Vivek, noted in his latest tweet the movement of $140 million worth of Bitcoin around 24 hours ago. The address had held BRC from a price of $0.10 up until now when it peaked at $71,000.
A dormant pre-mine address that held 86 ETH, worth $325,535, was reactivated after 8.8 years. This transaction was conducted around 4 hours ago at the time of the tweet. Crypto Signals reaction to this movement indicated a "wake-up call after a decade of hibernation."

Separately, on-chain data provider The Data Nerd reported a whale that accumulated 1,502 ETH (around $5.61 million) a few hours ago. Spread over a span of three days, this whale accumulated 3,101 ETH at an average entry of $3,692.

Benzinga Future of Digital Assets conference

Also Read: Strike CEO: Ethereum ETFs Are Good For Banks Because ‘Wall Street Loves Volatility’

Why It Matters: With 75% approval odds by Bloomberg analysts and 90% by crypto research firm 10x Research, the Ethereum ETF could receive a green light from the SEC today. Bitcoin first spiked and the retraced following the approval of spot Bitcoin ETFs in January.

Ethereum surged around 13% within the first few hours of the announcement that an ETF may be more likely than the market had expected. An approval may prolong ETH’s rally.

QCP Capital, as cited by Coindesk, wrote that "with implied volatility above 100%, the market is expecting fireworks." Implied volatility measures the market’s expectation of future price fluctuations for a financial instrument.

What’s Next: The influence of Ethereum as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Image: Shutterstock

Posted In: $BTC $DOGE $ETH