An Ethereum whale recently activated their wallet, which had been dormant for three years, by moving a substantial amount of ETH to Coinbase.
Whale Receives ETH for $1,851
The whale wallet, which participated in Ethereum’s initial coin offering (ICO), originally received 6,292 ETH for an investment of just $1,951. At current market prices, their remaining holdings are valued at approximately $20.15 million. This movement follows a trend of long-dormant Ethereum whales becoming active.
ETH Price Surges 30% in One Week
The transfer coincides with major price action in Ethereum’s market. ETH has surged almost 30% over the past seven days. ETH’s price has ranged from $3,089.74 to $3,241.97 in the last 24 hours, while the weekly range expanded from $2,373.63 to $3,240.29.
Ethereum Market and Whale Activity
Additionally, on November 7, another major holder activated their wallet with 12,001 ETH (worth $34.1 million) after 8.75 years of dormancy. Despite the substantial transfers, Ethereum’s price remains strong, though still 34.6% below its all-time high of $4,878.26 set in November 2021.
The reemergence of these long-term ICO wallets provides a unique glimpse into the wealth creation enabled by early cryptocurrency investments. The movement of such large amounts may potentially signal incoming selling pressure or strategic portfolio rebalancing.
