Claim BonusMassive Dormant Ethereum Linked To Genesis And Poloniex Moved, Selloff Incoming?
While FUD related to Genesis and Barry Sibert’s DCG continues to rise, large amounts of dormant Ethereum linked to Genesis and Poloniex were moved in the last 24 hours. The dormant addresses transferred 22,982 ETH to two new wallet addresses.
Ethereum Originated from Genesis Moved After 5 Years
PeckShieldAlert in a tweet on December 19 revealed that 2 dormant addresses have transferred almost 22,982 ETH worth 27.2 million to 2 new addresses. This Ethereum originated from Genesis and Poloniex in 2016 and 2018, respectively. Moreover, the last movement of Ethereum in the wallet addresses was in October 2018.
On-chain analytics platform Lookonchain reported also that 2 addresses that have been dormant for 5 years became active on Sunday and transferred 22,983 ETH. The two new addresses now have almost 13,105 ETH and 9,878 ETH, respectively.
The old addresses are now just valued at $57.32 and $25.81. Moreover, the new addresses only have Ethereum that were transferred on Sunday. The movement of dormant crypto assets has generally followed by a selloff of those assets in the next few days.
Ethereum price is currently trading at $1,182, down nearly 6% in a week. The negative market sentiment and Binance FUD caused massive selloffs in the last week. Analysts believe Ethereum price can rebound to over $1,300 again from $1,070. It will also depend on Bitcoin holding the $16.5 support level.
DCG’s Genesis and Grayscale Under Insolvency Risk
Crypto Twitter last week reported that cryptocurrencies related to Barry Silbert’s Digital Currency Group such as Filecoin, Flow, Stacks, Livepeer, Ethereum Classic, Decentraland, and others saw massive selloffs.
Crypto experts Andrew Parish and Adam Cochran noted that if DCG is selling cryptocurrencies in small batches, it could be the early stage of DCG insolvency. Moreover, DCG could dissolve Grayscale’s GBTC and EETH. This indeed risks insolvency for Grayscale. According to data by Coinglass, GBTC is trading at a discount premium rate of -48.79% and EETH at a discount premium rate of -52.58%.
Also Read: Bitcoin, Ethereum May Witness Deeper Correction
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Trump Tariffs: U.S. Supreme Court Sets February 20 for Potential Tariff Ruling
- Brazil Targets 1M BTC Strategic Reserve to Rival U.S. Bitcoin Stockpile
- Breaking: U.S. CPI Inflation Falls To 4-Year Low Of 2.4%, Bitcoin Rises
- Bitget Launches Gracy AI For Market Insights Amid Crypto Platforms Push For AI Integration
- BlackRock Signals $257M Bitcoin and Ethereum Sell-Off Ahead of Partial U.S. Government Shutdown
- Bitcoin Price Outlook As Gold And Silver Lose $3.6 Trillion in Market Value
- XRP and Ethereum Price Prediction as Trump Seeks to Lower Key Tariffs
- Solana Price Prediction as $2.6 Trillion Citi Expands Tokenized Products to SOL
- Bitcoin Price Could Fall to $50,000, Standard Chartered Says — Is a Crash Coming?
- Cardano Price Prediction Ahead of Midnight Mainnet Launch
- Pi Network Price Prediction as Mainnet Upgrade Deadline Nears on Feb 15
