Dormant Ethereum wallets sell 37,598 ETH for $58.69 million amid weak market

Four long-dormant Ethereum wallets that received about 37,602 ETH in 2018 at roughly $829-$830 per coin sold 37,598 ETH on Friday for about $58.69 million USDS at an average price of $1,561, according to on-chain analysts including EmberCN, Lookonchain and Arkham-linked data. Earlier reports had identified an initial tranche of 33,623 ETH sold over about four hours at roughly $1,560 for about $52.46 million, before later tracking showed a final 20,000 ETH sale that effectively closed the position. Analysts said the wallets had been inactive for roughly eight years and realized about $27.4 million to $27.53 million in profit, far below paper gains that had exceeded $150 million during earlier rallies. Onchain Lens said two wallets in the earlier reporting were possibly associated with former Celsius CEO Alex Mashinsky, but said that link was unverified.