Ancient Ethereum Whale Awakens: Millions in ETH Moved After Nine Years of Silence

An ancient Ethereum wallet, dormant for nearly a decade, has suddenly sprung to life, transferring millions of dollars worth of ETH. This unexpected activation has ignited widespread speculation within the crypto community regarding the whale's intentions and potential market impact.

Dormant Whale Awakens After Nine Years

A pre-mine Ethereum address, identified as "0xcF264" and linked to one of Ethereum's original funding addresses, has become active after approximately 9.9 years of inactivity. This wallet, which held 2,000 ETH, was valued at a mere $620 in 2015. Today, the same holdings are worth over $5 million, representing a staggering 816,760% profit.

Significant ETH Movement and Speculation

The awakened wallet initially transferred 0.0001 ETH to a newly created address, "0x2C12," followed shortly by a more substantial move of 500 ETH, valued at $1.27 million. On-chain data from Etherscan indicates that these 500 ETH were subsequently moved to "0x28C6," an address known to be controlled by the crypto exchange Binance. This suggests a potential sale or preparation for liquidation.

• The wallet still retains 1,500 ETH, currently valued at approximately $3.78 million.

• The timing of this movement is particularly noteworthy as Ethereum navigates a volatile market, attempting to recover from recent lows.

Market Implications and Future Outlook

The sudden activity of such a long-dormant, significant wallet has sparked considerable discussion about its potential impact on Ethereum's price. While the 500 ETH transfer to an exchange raises concerns about increased selling pressure, the remaining 1,500 ETH could also be liquidated, further affecting market stability.

Conversely, some market observers point to other large ETH acquisitions, such as a recent $127 million purchase by another whale, as a sign of confidence in Ethereum's long-term potential. This contrasting activity highlights the current uncertainty and diverse strategies within the crypto market.

Key Takeaways

• A pre-mine Ethereum wallet, dormant for nearly a decade, has moved a portion of its substantial ETH holdings.

• The wallet's initial 2,000 ETH, worth $620 in 2015, are now valued at over $5 million.

• 500 ETH were transferred to an address linked to Binance, suggesting a potential sale.

• The wallet still holds 1,500 ETH, valued at approximately $3.78 million.

• The event has fueled speculation about potential selling pressure and market impact, especially given Ethereum's current price consolidation.

Sources

• 816,760% Profit Triggers Epic Ethereum Whale Awakening After 9 Years of Silence, U.Today.

• Dormant Ethereum Wallet Awakens After 10 Years With Millions Worth Of ETH — TradingView News, TradingView.

• Ethereum Whale Snaps Up $127 Million In ETH Amid Market Crash, Do They Know Something?, Bitcoinist.com.