In accordance with Bijing.com, an Ethereum wallet inactive for nine years, potentially linked to ShapeShift CEO Erik Voorhees, sold 4,619 ETH (worth approximately $13.42 million) over the past two weeks. The proceeds were used to purchase 24,950 BCH, sparking speculation about a shift in market sentiment. The ETH was originally bought in 2016 at around $20 per coin, generating over $13.3 million in profit. Previously, JAN3 CEO Samson Mow also liquidated his Ethereum holdings, raising concerns about potential selling pressure on ETH.
Erik Voorhees Converts 9-Year-Old Ethereum to Bitcoin Cash
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Summary
Erik Voorhees, ShapeShift CEO, reportedly converted 4,619 Ethereum (ETH) from a 9-year-old wallet into 24,950 Bitcoin Cash (BCH), according to Ethereum news sources. The ETH, bought in 2016 at $20 each, fetched $13.42 million, marking a $13.3 million profit. The move comes after JAN3 CEO Samson Mow also sold Ethereum. With altcoins to watch gaining attention, the shift may signal broader market movement.
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