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Long Dormant ETH Wallet Stirs, Transferring Millions in Ethereum After an 8-Year Slumber

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“Unveiling the Cryptocurrency Time Capsule: Ancient ETH Wallet Emerges from Slumber, Shaking the Market with Massive Ethereum Movements”

U.Today, a blockchain sleuth, has discovered an ancient Ethereum (ETH) wallet that has recently become active after being dormant for 8 years. This wallet contains a significant amount of 2,000 ETH, which is currently valued at $3,198,920.

According to Whale Alert’s tweet, this wallet stopped being used around 2015, during the peak of the initial coin offering (ICO) era. Another source, the “Smart Money” tracker on the X app known as @lookonchain, revealed that the awakened ETH wallet transferred all of its 2,000 ETH to four different blockchain addresses.

Interestingly, this whale acquired the 2,000 ETH during Ethereum Genesis, when its value was only $620. The sudden awakening of this wallet highlights the potential for large-scale movements in the cryptocurrency market.

In terms of Ethereum’s price action, the second-largest cryptocurrency experienced a significant rise of 4.71% between October 19 and 20, reaching a price of $1,620. However, it later experienced a slight drop of 1.46%. At the beginning of the week, Ethereum faced a sharp decline of 3.96% due to fake news about the SEC regulator approving BlackRock’s Bitcoin ETF filing.

Meanwhile, the on-chain data company Santiment reported that large-tier whales, holding at least 1 million ETH, now account for 32.3% of the circulating supply. This is the first time since 2016 that such a high concentration of Ethereum has been observed. Earlier this week, Santiment also spotted transfers worth over $1 million worth of ETH.

Overall, the awakening of the ancient ETH wallet and the increase in whale activity are significant developments in the Ethereum ecosystem. It will be interesting to see how these movements impact the overall market and whether Ethereum’s price will continue to rise or face further volatility.

Disclaimer: This article was originally published on U.Today.

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