According to Cointelegraph, multiple long-dormant Ethereum wallets have moved a total of 37,806 ETH (approximately $56.7 million). On-chain data shows these wallets have been holding for years, sparking market attention.
Notably, long-term whale profitability has turned negative for the first time since 2019. This means many early holders are now underwater, with cost basis above current market prices. Such conditions often lead to diverging sentiment: some may choose to cut losses while others hold for a rebound.
ETH is currently trading near the key $1,500 support level. This price is seen as a 'line in the sand' for whale conviction—a breakdown could trigger further stop-loss selling, while a hold could attract dip buyers. The market is closely watching the next moves from these old wallets.