On April 18, 2025, at 11:30 AM UTC, two previously inactive wallets—dormant for 949 days—suddenly sprang to life, executing a high-profile transaction that captured market attention. The wallets collectively spent 12.37 million DAI to acquire 7,738 ETH at an average price of $1,599 per ETH. This activity was later reported by Lookonchain via X (formerly Twitter) at 6:30 PM UTC the same day.
Post-transaction, one wallet moved a portion of the ETH to Tornado Cash, a privacy-focused protocol, suggesting potential anonymization strategies. The involved addresses (e.g., 0x1131...78c5) were flagged by blockchain analysts, with the sudden activity often interpreted as a precursor to significant market movements.
Market Impact of the Large-Scale Purchase
Liquidity and Price Action:
- Within an hour of the transaction, ETH trading volume spiked 15% on major exchanges like Binance and Coinbase, peaking at $5.2 billion.
- ETH’s price rose 3.5% over two hours, reaching $1,655, indicating immediate bullish pressure.
Speculative Sentiment:
- The transfer to Tornado Cash fueled speculation about the holder’s intent, potentially increasing market volatility.
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Technical Analysis Insights
- RSI: Jumped from 55 to 68 (overbought territory) within two hours post-trade.
- MACD: Exhibited a bullish crossover at 1:45 PM UTC.
- On-Chain Activity: Active ETH addresses increased 10% post-transaction, signaling heightened network usage.
Traders should monitor these indicators for short-term momentum shifts.
FAQs
Q1: How much DAI was spent in total?
A: 12.37 million DAI.
Q2: What was the average ETH purchase price?
A: $1,599 per ETH.
Q3: How did ETH’s price react post-trade?
A: It rose 3.5% to $1,655 within two hours.
Q4: Which technical indicators turned bullish?
A: RSI entered overbought territory, and MACD showed a bullish crossover.
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