Dormant Ethereum holder moves $5.8M in ETH – Time to lock in your profits?

Investor would lock a humongous 950719% in profits if they decide to sell, an early investor who received 1,969 ETH during Ethereum’s initial coin offering was seen moving 1,960 ETH. The transferred supply was worth $5.8 million atThe purpose of the transfer was yet to be ascertained, at the time of writing. However, there could be several explanations behind the move, with the most dominant narrative being realization of profits.

In nearly all the instances, the movement of dormant coins was followed by a price drop. This finding lends weight to the profit-taking theory discussed earlier.Over the last 24 hours, sentiment around the coin in the Futures market shifted dramatically too. The number of traders shorting ETH increased vis à vis those longing it, as per AMBCrypto’s analysis of Coinglass data.Aniket Verma works as a journalist at AMBCrypto.

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