Ethereum has been on a bullish trajectory, with its price reaching $3,335.22 at press time. This marks a 6.02% increase within the day and a 7.44% rise over the past week. As the second-largest cryptocurrency gains momentum, notable on-chain activities, including whale movements and ICO fund distributions, have come into focus.
Dormant Whale Reactivates
Amid Ethereum’s surge, a dormant whale wallet, which accumulated 398,889 ETH between January and March 2016 at an average cost of $6 per token, has reactivated. This whale, which originally invested $2.4 million, held assets worth $1.34 billion at current prices. The reactivation occurred on November 7, marking a significant shift after over eight years of inactivity.
Since reactivating, the whale has sold 73,356 ETH, worth approximately $224.42 million. The wallet currently holds a balance of 325,533 ETH, equivalent to a staggering $1.1 billion in value. This activity highlights profit-taking strategies as Ethereum’s price climbs, influencing market dynamics and liquidity.
ETH Sales from ICO Proceeds
Separately, Cosmos developers from Interchain have resumed selling Ethereum acquired during their April 2017 ICO. In total, they have offloaded 21,600 ETH, valued at $55.97 million, since late April of this year. The latest sale included 3,000 ETH, worth $10.16 million, executed recently.
MetaMask Introduces Gas-Included Swaps on Ethereum MainnetDespite these sales, Interchain still holds 23,587 ETH and 383.8 BTC, collectively valued at $95.48 million. However, while Ethereum experiences upward momentum, Cosmos’ native token, ATOM, has struggled. As of press time, ATOM is priced at $6.70, reflecting over 10% surge in the past 24 hours.
Ethereum’s Mixed On-Chain Indicators
Bitcoin has taken the spotlight during the current rally, but Ethereum’s performance also draws attention. Historically, Ethereum benefits from profit rotations following Bitcoin’s gains, as noted by IntoTheBlock. Currently, Ethereum’s on-chain activity reveals evenly spaced resistance levels. However, in a bullish market, these levels may hold less significance. Many Ethereum holders are optimistic about further price increases, which has helped to minimize selling pressure during this rally.
Despite the optimism, Ethereum shows mixed signals across key on-chain metrics. New Ethereum addresses remain below levels seen in previous bull markets, potentially due to the rise of Layer 2 solutions like Base. Base, while expanding the ecosystem, still relies on Ethereum as its settlement layer. Daily transactions have risen slightly to an average of 1.22 million, up from 1.1 million three months ago. Although transaction volumes are climbing, large holders, or whales, continue to accumulate, signaling strong confidence in Ethereum’s long-term potential.
