An Ethereum wallet, dormant since the Ethereum ICO nine years ago, has suddenly reactivated, sparking intrigue in the crypto community.
This whale wallet originally purchased 1,940 ETH during Ethereum’s Genesis Block event, a holding now valued at approximately $6.5 million USD.
Upon waking, the wallet transferred a total of 342.220 ETH, worth around $1.154 million USD, to two separate addresses. The first recipient, address 0x7238…7095, received 111.110 ETH, valued at $374,000 USD. The second address, 0x296d…e557, was sent 231.110 ETH, approximately $779,000 USD. Interestingly, all ETH transferred to the second address was immediately moved to Coinbase, suggesting a potential intent to liquidate some or all of the funds.
This activity has drawn attention not only for its rarity but also for its timing, as Ethereum ETFs are showing strong investor interest. Between December 23 and 27, ETH ETFs saw consistent net inflows, totaling $349.3 million USD. Unlike Bitcoin ETFs, which faced outflows during the same period, Ethereum ETFs experienced no outflows on three of the four trading days, signaling steady demand.
The reactivation of this whale wallet and the subsequent movement of funds raise questions about the owner’s motivations. Is this simply a case of taking profits, or could it signal larger intentions within the Ethereum market?
As Ethereum continues to see robust support from institutional investors through ETF inflows, this unexpected whale activity serves as a reminder of the unpredictable dynamics in crypto markets. With the year drawing to a close, Ethereum’s resilience and the broader demand for ETH remain key narratives heading into 2025.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: volodymyrshtun89/123RF // Image Effects by Colorcinch
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