Ancient ETH Wallet Awakens After 8 Years, Moving Millions in Ethereum

Whale Alert blockchain sleuth, which traces down large transfers of digital currencies, has spotted a pre-mine ETH crypto wallet awakened after years of dormancy. This address contains a large stash of Ethereum – 2,000 coins. At the present exchange rate, they are worth $3,198,920.

Pre-mine ETH whale transfers its funds

The wallet awakened after 8.2 years per Whale Alert’s tweet, which means it stopped being used roughly in 2015 – the time when the Ethereum initial coin offering was in full swing.

Another source on the X app, @lookonchain “Smart Money” tracker, has added details about this awakened ETH wallet, stating that it had moved all of its 2,000 ETH to four different blockchain addresses.

The X post also says that this whale obtained this much ETH at Ethereum Genesis. Back then, 2,000 ETH was worth $620.

An #Ethereum #ICO participant woke up after 8.2 years of dormancy and transferred all 2,000 $ETH($3.2M currently) to 4 addresses 10 mins ago.

He/she received 2,000 $ETH(the cost is ~$620) at Ethereum Genesis, and the ETH ICO price is ~$0.31.https://t.co/zyMsEZIlb3 pic.twitter.com/juvlKCnIsW

— Lookonchain (@lookonchain) October 21, 2023

Ethereum price action

This week, the second largest cryptocurrency, Ethereum, showed a significant rise of 4.71% between October 19 and 20 as it managed to rise from $1,547 to the $1,620 price mark. A slight drop in the price that followed that took ETH 1.46% down.

Prior to that, at the start of the week, Ethereum sharply declined by 3.96% along with Bitcoin after the news about the SEC regulator approving the BlackRock’s Bitcoin ETF filing proved to be fake.

At the time of this writing, ETH is changing hands at $1,605 per token.

In the meantime, large-tier whales, which hold at least 1 million ETH have increased their ETH balance to a total of 32.3% of the whole circulating supply – this has happened for the first time since 2016. Earlier this week, transfers, carrying more than $1 million worth of Ethereum were spotted by the on-chain data company Santiment.

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