Old Ether wallets move 37,806 ETH as whale conviction faces key test at $1.5K

Old Ethereum wallets moved 37,806 ETH this week, marking a significant shift in holdings for long-term "whales." This movement occurred as the profitability for these long-term holders turned negative for the first time since 2019, indicating a potential change in sentiment among major ETH stakeholders. The total value of the moved ETH is approximately $56.7 million, based on an average price of $1,500 per ETH. This activity comes as a key test for the conviction of these whales, who have held their assets through previous market cycles. The data, sourced from on-chain analytics firm Lookonchain, highlights a notable outflow from wallets that have been dormant for extended periods, suggesting a re-evaluation of their positions. The implications of these large-scale movements are being closely watched by the broader cryptocurrency market, as they can often precede significant price action. The current market conditions, with ETH trading around the $1,500 mark, present a challenging environment for these long-term holders whose cost basis may be higher.