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Ethereum Whale Awakens Dormant Pre-Mine Wallet

Significant Ethereum wallet activity observed as pre-mine ETH whale transfers large funds after years of dormancy.
Published on 2023-10-23

Dormant Ethereum Wallet Becomes Active

A significant event in the cryptocurrency world has unfolded as a dormant pre-mine Ethereum (ETH) wallet became active after 8.2 years. This wallet, containing 2,000 ETH, equivalent to approximately $3,198,920 at the current exchange rate, was last active during the Ethereum initial coin offering period in 2015.

Pre-Mine ETH Whale Transfers

The recent activation of the wallet led to the transfer of all 2,000 ETH to four different blockchain addresses. Originally acquired during the Ethereum Genesis, the value of this ETH at the time was merely $620. Such movements in large volumes often attract attention due to their potential impact on market dynamics and investor sentiment.

Ethereum Price Trends

Ethereum, the second-largest cryptocurrency, experienced a notable price increase of 4.71% between October 19 and 20, reaching a high of $1,620. However, a subsequent decline of 1.46% was observed. Earlier in the week, Ethereum faced a sharp decline of 3.96%, mirroring Bitcoin's reaction to false news regarding the SEC's approval of BlackRock's Bitcoin ETF filing.

Whale Activity and Market Influence

In a significant development, major Ethereum holders, or "whales," now control 32.3% of the entire circulating supply for the first time since 2016. This shift in holdings was highlighted by on-chain data indicating transfers exceeding $1 million in value. Such concentrations of wealth can have profound implications for market liquidity and price volatility.

Ethereum's evolving landscape continues to be shaped by large-scale transactions and market-moving events, underscoring the importance of monitoring whale activity and its potential impact on the cryptocurrency ecosystem.

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