A large Ethereum wallet that had been inactive for years recently started selling off its holdings, causing speculation about its motives and the potential impact on Ethereum’s price. The wallet, which had 398,889 ETH ($2.4 million) between January 18 and March 10, 2016, has so far sold 73,356 ETH worth $224.42 million.
Despite Ethereum’s 30% surge over the past month, its price has struggled to break through the crucial $3,500 mark, leading to potential loss of confidence in ETH’s short-term price appreciation. Ethereum rival Solana reached a new all-time high of $263 on November 22nd, after overcoming regulatory concerns and recovering from the FTX exchange collapse.
