A dormant whale transfers over 92,000 ETH after seven years, causing ETH to briefly drop below $3,100
TechFlow Selected TechFlow Selected
A dormant whale transfers over 92,000 ETH after seven years, causing ETH to briefly drop below $3,100
These Ethereum transactions are or may be related to the Ethereum Foundation.
Navigating Web3 tides with focused insightsBy Mary Liu, Bitpush News
Despite strong U.S. GDP data and cooling personal consumption expenditures (PCE) inflation figures released on Thursday, the crypto market and tech stocks failed to stage a rebound.
Thursday's GDP report showed the U.S. economy grew 2.8% in Q2 2024, surpassing economists' forecast of 2%. Inflation pressure, measured by the PCE price index, declined from 3.4% to 2.6%, indicating progress toward the Federal Reserve’s 2% inflation target.
Dutch bank economist James Knightly said consumer spending in the United States is expected to slow in the second half of 2024. He added, "Business surveys certainly suggest a weak outlook, and today’s data hasn’t shaken market confidence in a September rate cut by the Fed."
According to the CME Group’s FedWatch tool, interest rate traders have increased the probability of a rate cut in September to 85.7%.
At the close of trading, major U.S. stock indices showed mixed results: the Dow Jones rose 0.20%, while the S&P 500 and Nasdaq Composite fell 0.51% and 0.93%, respectively.
Bitpush News data shows Bitcoin broke below the $65,500 support level early Thursday morning, hitting a low of $63,420 in the afternoon before bulls pushed it back above $65,000. At the time of writing, Bitcoin was trading at $65,857, up 0.43% over the past 24 hours.
Ethereum dropped nearly 5% over 24 hours, briefly falling below $3,100. ETH has declined 8.2% over the past week since the launch of spot Ethereum ETFs.
The broader altcoin market saw widespread declines. Among the top 200 tokens by market cap, only Galxe (GAL) posted gains, rising 15.4% to trade at $3.55. The biggest losers included BinaryX (BNX), down 19%; Blast (BLAST), down 15.2%; and ether.fi (ETHFI), down 14.2%.
The total cryptocurrency market capitalization currently stands at $2.3 trillion, with Bitcoin’s dominance at 55.4%.
Seven-Year-Sleeping Whale Moves 92,500 ETH—Linked to Ethereum Foundation?
Blockchain trackers including Whale Alert detected that on July 25 at 03:39:23 PM UTC, an address moved over 92,500 ETH worth approximately $290 million after being dormant for seven years. These tokens had been held in the same address since 2017.
On-chain data from Arkham Intelligence suggests these funds may be linked to the Ethereum Foundation, as the platform labels the address as likely associated with the Ethereum Foundation (0xe93232a). Others in the community speculate the funds could belong to an early donor of the organization.
Data shows the wallet first received 96,474 ETH valued at $130,320 on September 1, 2015, at 12:21:51 UTC from the Ethereum Foundation.
Currently, the tokens are idle in the wallet "0xe481a22." While it remains unconfirmed whether the funds originated from the Ethereum Foundation, the assets have not yet been sold or transferred to exchanges as of publication. The transfer occurred during a period of declining ETH prices and coincided with the launch of spot Ethereum ETFs.
BTC Re-Tests Key Support Level
Market analyst TradingShot said: "Bitcoin tested the 1D MA50 (blue trendline in chart below) today for the first time since July 19—a significant 'breakout and retest' event, the most important since October 11, 2023. This marks the final retest of the 1D MA50 as support following its recent breakout. It follows the bearish phase of a 21-month upward channel that ran from April 14, 2023, to September 11, 2023, which itself began at the bottom of the previous bear market cycle in November 2022."
He added: "Although it dipped slightly below this level during the retest, it successfully maintained a candle close above it, which previously triggered the rally seen between October 2023 and March 2024. Therefore, if similar closing conditions hold, we expect a comparable rebound to begin—which technically would signal a new bullish trend potentially reaching the psychological milestone of $100,000."
TradingShot noted: "It must also be said that next week’s Fed interest rate decision—or at least hints ahead of the September meeting—will undoubtedly have a major impact."
Market analyst SatochiTrader also believes the current weakness is temporary and expects Bitcoin to resume its upward trajectory once the latest wave of FUD clears.
SatochiTrader stated on X: "BTC has a large number of DCA (dollar-cost averaging) whales who will do everything possible to protect price action. Our strategy is to hold BTC throughout active cycles. News about AI, Trump, China, and miners might temporarily affect the market but won’t permanently alter its course."
He added that Bitcoin’s outlook remains "optimistic and could rise over time toward $74,000."
TradingView user The_ForexX_Mindset urged traders to remain calm despite recent sell-offs, noting technical indicators suggest Bitcoin will soon move higher.
He said: "Don’t panic—TA clearly shows what’s coming next. Many traders are selling in panic. Once this is over, normal rules return. Those holding alts will see prices recover. Many are selling out of fear. Greed will return."
Meanwhile, market analyst Rekt Capital said Bitcoin is now undergoing a volatile retest of the $65,000 level.
He said: "Now, daily closes need to stay above $65,000 (blue line above) for the retest to succeed and keep price within the $65,000–$71,500 range (red zone above)."
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
比推 BitpushNews
