Dormant Ethereum Whale Is Back To Life With ETF Launch In Sight
Highlights
- An ancient Ethereum wallet is out of dormancy
- The Ethereum ICO wallet boasts of 977 ETH and is in huge profit
- The industry has started seeing many of such dormancy breaks lately
Amidst anticipation for spot ETH ETF launch after approval from the United States Securities and Exchange Commission (SEC), another dormant Ethereum whale has resumed activity.
Ethereum ICO Wallet Rebirth: Key Metrics Looks Good
Blockchain wallet tracker Whale Alert has spotted activity from an Ethereum whale that was last active nine years ago. This wallet contained 977 ETH and according to the recent market Ethereum price ($3,490.25), this holding is worth approximately $3.4 million.
💤 A dormant address containing 977 #ETH (3,373,717 USD) has just been activated after 9.0 years!https://t.co/MLAxvQiz4b
— Whale Alert (@whale_alert) July 22, 2024
Noteworthy, around the time of the crypto ICO, the altcoin barely traded at $1. This suggests that this whale wallet has bagged a massive profit. The reason behind the sudden reawakening is not known but this has been the trend with dormant crypto wallets recently.
Last month, a dormant Ethereum whale from the same era became active again with 6,000 ETH locked in. These Ethereum was valued at $21.9 million because the re-awakening came at the time when Ethereum’s price stood at $3,642. Upon reactivation, it looks like these wallet are exiting their market positions. While this is being speculated, the activity of this Ethereum ICO wallet has not impacted negatively on the Ethereum ecosystem
Key metrics for the altcoin are still looking good, probably fueled by the knowledge that spot Ethereum ETFs are arriving very soon. Apart from ETH price which is pushing the borders to reach $3,500, the trading volume of the coin is equally on a bullish trend.
In the last 24 hours, Ethereum trading volume has soared by more than 50%. Markedly, the coin is currently the third-largest traded per position with a trading volume of $18,742,590,373. Its market cap is also at $419,424,797,668, still maintaining the position of second-largest crypto.
Dormant Bitcoin Addresses Return to Life
There has also been a rise in the number of dormant Bitcoin wallets that have returned to life. Last Monday, a 10-and-a-half-year inactive wallet containing 25 BTC suddenly showed signs of activity. As of when these 25 Bitcoin units first made their way into the wallet in 2013, they were only worth about $20,399. They were later valued at $1,576,085.
This suggests that the owner of the formerly dormant Bitcoin wallet registered a profit of 7,597%. For another 10-year dormant wallet, it was a 10,419% profit that was registered.
Markedly, this shows that many of those who invested in Bitcoin in the Satoshi era who HODLed to date are currently in huge profits.
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