Ethereum has been recently creating waves in the crypto space, with its price hovering above $3.2K. Massive whale transactions involving Ethereum add more intrigue to the prevailing bullish trend in the ETH market.
In a recent X post, crypto analytics platform Lookonchain shared insights on an early Ethereum initial coin offering (ICO) participant’s staggering Ethereum transfer. After 8.6 years of dormancy, the whale deposited 238.75 ETH, worth approximately $770,000, to Coinbase.
According to the post, the investor initially purchased these ETHs at the genesis of the cryptocurrency at a price of around $0.31 per token. Nearly a decade later, the investor moved them into Coinbase when ETH’s price surged past $3,200, showing the whopping ascendance of the coin. Currently, ETH is trading at $3,232.50, marking a surge of 4.17% in one day, 10.55% in one week, and 42.91% in one month.
On February 14, Whale Alert, a crypto tracking platform on X, unveiled the activation of an ancient Ethereum pre-mine address holding 100 ETH. According to the post, the address containing $262,757 worth of ETH has become active following 8.5 years of silence.
These Ethereum holders’ return to the crypto market with gigantic moves is part of a larger development. Over the past few months, many similar dormant addresses have been seen stirring the crypto space with large crypto movements.
According to a previous post published on December 14, 2023, an Ethereum investor holding 20,398 ETH showed their presence in the evolving crypto market. After 3 silent years, the investor re-emerged and deposited 5,000 ETH into Coinbase. Similarly, another dormant whale reactivated their account after 5 years, moving 39,260 ETH, valued at approximately $87.6 million, into the Kraken exchange.
In related news, Lookonchain has also shed light on the whales’ increasing accumulation of ETH amidst its notable price hike. For instance, an address identified as 0x8B94 withdrew 14,632 ETH worth $45.5 million from Binance and staked it in the past 6 days. Similarly, 2 fresh wallets withdrew 6K, valued at a total of $18.7 million.
