A significant movement of Ethereum (ETH) coins occurred on April 18th, as two Ethereum addresses moved 150,000 ETH worth $297 million, according to a tweet by Santiment. These coins had been held since November 2018, and their movement contributed to one of the largest dormant circulation spikes in the past year.
Santiment’s latest insight suggests that when dormant assets move, it can indicate significant price shifts coming, typically in a positive direction. Assets moving between addresses on a network can raise the token movement rate.
The recent spike in dormant circulation, the fifth-highest in the past six months, coincided with Ethereum dropping below $2,000. However, there may be a silver lining, as a drop in the mean dollar invested age line indicates that investments are moving to younger addresses, which is good for a bullish setup.
According to the insight report, the two addresses in question, 0x7AE92148E79D60a0749fd6De374C8e81DfDdf792 and 0xca582d9655A50E6512045740DeB0de3a7EE5281f, both accumulated 150,000 ETH in November 2018 and then sold their entire supply on April 18th.
While this isn’t a significant sample size to suggest market manipulation, the timing of their actions suggests they may have had insider knowledge. However, the Ethereum market will watch closely for further movements in these or other addresses, as they may signal future price shifts.
Ethereum Price Analysis
According to data provided by CoinMarketCap, Ethereum is currently being traded at $1,952.26. The daily chart indicates a slight decline of 1.38%, while the last seven days have seen a decrease of the same percentage. However, the trading volume stands at $12,035,265,118, with a rise of 6.46%.
Moreover, in a recent tweet by Lookonchain, it was reported that following the upgrade of Ethereum Shanghai, there has been a significant increase in the rate of $ETH deposits. According to the tweet, a total of 610K $ETH (equivalent to $1.22B) has been deposited in the past seven days.
The tweet also revealed the top six stakers of staking $ETH via LSD, which includes @satofishi, who staked 12,768 $ETH (equivalent to $25.5M) via @stakefish.
It is noteworthy that such a massive increase in the rate of $ETH deposits is a positive development for the Ethereum network and could lead to further growth and adoption of the cryptocurrency.
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