Old Ethereum Wallets Dump 33,623 ETH Near $1,500
Four wallets that received 37,602 ETH eight years ago sold 33,623 ETH at about $1,560 each, moving roughly $52.5 million of supply into the $1,500 demand zone.
Four long-dormant Ethereum wallets that received 37,602 ETH about eight years ago moved 33,623 ETH into the market, on-chain records show. The transfers took place as ETH traded near $1,575 and executed at an average price of about $1,560, producing roughly $52.5 million of proceeds.
The sales left about 3,979 ETH from the original allocation untouched, according to the on-chain data. The transfers and reported execution prices are visible on public blockchain records.
U.S. spot Ethereum exchange-traded funds recorded net outflows from June 22 through June 26, reducing a visible channel for institutional purchases during the period when the wallets sold their holdings.
On-chain metrics show Ethereum had about $37.2 billion in decentralized finance total value locked and more than $155 billion in stablecoin balances on the network at the time of the transfers.
Competing layer-1 blockchains that emphasize faster transaction throughput and consumer-facing activity, such as Solana, have also attracted investor attention and capital.
Traders and other market participants monitored order books and ETF flows for signs of buying that could absorb the sold coins. The timing of the transfers coincided with a period of subdued visible demand.
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