Average age of Ethereum, BUSD tokens sitting in wallets decline in significant move
It is speculated that this historic dormant movement might be related to the FTX-triggered liquidations and sell-offs that began earlier in the week.
FTX, which currently controls over $3.4 billion in crypto assets, has been granted permission to sell its crypto holdings by a U.S. judge.FTX will be allowed to sell off in weekly batches, with a first-week restriction of $50 million and following weekly limits of $100 million. However, BTC and ETH can only be sold after giving the creditors' committee, ad hoc committee and the U.S. trustee a 10-day notice.
This aside, in recent weeks, Ethereum has seen dormant ICO-era whale wallets come to life. In the past week, a dormant pre-mine address that held 185 ETH worth $302,096 revived after 8.1 years.As part of its gradual move to end support for the BUSD stablecoin by 2024, crypto exchange Binance moved to burn several idle Binance-pegged tokens this week.
In August, Binance announced it would gradually end support for BUSD, urging users to convert the token to other crypto assets by February next year. Paxos stopped issuing the stablecoin in February following a regulatory crackdown on the BUSD token.
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