Another Dormant Ethereum Address Wakes Up After 4 Years
A previously inactive Ethereum address has recently received a significant amount of ETH after four years of dormancy. This wallet received approximately 2,594 ETH in November 2018, which was worth around $285,836 at the time.
Whales Waking Up as Crypto Market Shows Positive Movement
In recent weeks, several dormant whale addresses in the crypto market have been waking up. This coincides with a slight positive change in the market after a period of sluggish movement. Ethereum has experienced a modest 3% surge over the past week and is currently trading above $1,635.
Wallet Owner Swaps ETH for Stablecoins
According to data from blockchain intelligence platform PeckShield, the owner of the recently awakened Ethereum wallet has already swapped 2,555 ETH for approximately $4.19 million worth of stablecoins. This includes 965.78K USDT and 3.22 million DAI.
Movement of ETH to Exchanges
Another dormant whale address that had been inactive for two years woke up recently and transferred 10K ETH (worth around $16.5 million) out of the wallet. The same address then deposited 10K ETH to Binance, OKX, and KuCoin via three different addresses in the past four days. Data from Lookonchain shows that a similar transfer was made on September 19th.
Liquidation of ETH Holdings by Significant Whale
A significant Ethereum whale who participated in the initial Ethereum token offering (ICO) in 2014 has initiated the process of liquidating their ETH holdings. This whale received a total of 254,908 ETH during the ICO, which is now valued at approximately $422.6 million. The owner has recently deposited 6,000 ETH to the Kraken exchange, amounting to roughly $10 million.
Rise in Bitcoin Wallet Activity
In addition to Ethereum addresses waking up, Bitcoin wallets have also seen a resurgence. One Bitcoin wallet received a stash of Bitcoin in October 2017 when the cryptocurrency was valued at around $11.8 million. The BTC holdings have since surged to over $56 million, representing a significant return on investment.
Hot Take: Dormant Crypto Addresses Awakening Could Indicate Market Optimism
The recent awakening of dormant crypto addresses, both in Ethereum and Bitcoin, may suggest growing market optimism. As whales begin to move their assets and engage in trading activities, it indicates renewed interest and confidence in the market. This trend aligns with the recent positive movement in Ethereum’s price and the overall crypto market. Investors should closely monitor these developments as they provide insights into market sentiment and potential future trends.
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