Two dormant Ethereum (CRYPTO: ETH) wallets transferred 22,983 ETH, valued at over $27 million.

What Happened: On-chain data reveals that whales have not been active for five years but woke up on Sunday.

At the time of writing, it remains unclear as to what the transfers were related to or who the Ethereum whales were. 

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These whales aren't alone — Three Arrows Capital (3AC) also made a big splash in the Ethereum market recently.

On Monday, 2,000 Ethereum worth roughly $2.38 million was withdrawn from Binance, making this a sizable move for 3AC. The address still holds 6,595 Ethereum worth around $7.85 million.

Meanwhile, on Friday, an anonymous crypto wallet holding $37,347,245 of Ethereum transferred its funds to Coinbase.

Price Action: At the time of writing, Ethereum was trading at $1,182, down 0.38% in the past 24 hours, according to Benzinga Pro data.

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