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

Cryptocurrency

Published Oct 24, 2023 04:00AM ET

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

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U.Today - blockchain sleuth, which traces down large transfers of digital currencies, has spotted a pre-mine ETH wallet awakened after years of dormancy. This address contains a large stash of — 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 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.

Ethereum price action

This week, the second largest cryptocurrency, Ethereum, showed a significant rise of 4.71% between Oct. 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 BlackRock (NYSE:BLK)'s Bitcoin ETF filing proved to be fake.

At the time of this writing, ETH is changing .

In the meantime, large-tier whales who hold at least 1 million ETH 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.

This article was originally published on U.Today

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