Dormant ETH Wallet Kicked Back to Life
In a surprising turn of events, a long-forgotten blockchain wallet associated with Ethereum has been reactivated after nearly a decade of inactivity. This wallet, once used during the Ethereum Initial Coin Offering (ICO) in 2014, now holds an astounding 2,000 ETH, valued at approximately $5,476,804. To provide some perspective, back in 2014, when Ethereum was merely worth $0.31 per coin, this collection of digital assets was valued at just $620.
The reawakening of this wallet is noteworthy, considering Ethereum's current market status as the second-largest cryptocurrency by market capitalization. Recently, Ethereum has been trading at $2,743, reflecting a slight decline of 2.6% following a significant price hike earlier in the week, which saw the cryptocurrency reach a high of $2,815.
Interestingly, the revival of this dormant wallet coincides with other substantial Ethereum movements. Several massive ETH transfers have been observed, including a whopping 29,999 ETH being funneled into Binance, the world's largest cryptocurrency exchange. Moreover, two large sums of ETH, each approximately 12,573 coins, were deposited into Coinbase, the leading U.S.-based exchange. The market volatility has influenced their values, with one transaction amounting to $34,606,448 and the other to $35,014,241.
Dormant Bitcoin Whales Reactivated En Masse
The Ethereum wallet is not the only one making headlines. Over the weekend, two long-dormant Bitcoin wallets also became active once again. These wallets, inactive for 11 and 13.6 years respectively, held 25 BTC and 64 BTC. At current market prices, these holdings are valued at $1,597,432 and $4,147,400.
Last week saw a series of ancient Bitcoin addresses come back to life, with their owners either opting to liquidate the BTC or recovering lost private keys. The flagship cryptocurrency, Bitcoin, has been experiencing an upward trajectory, trading at around $63,973. A notable surge occurred when Federal Reserve Chair Jerome Powell announced plans to reduce interest rates, driving Bitcoin from $60,720 to $64,470, with Ethereum and other cryptocurrencies following this bullish trend.
The reactivation of these long-dormant wallets offers a fascinating glimpse into the potential hidden wealth within the cryptocurrency ecosystem and underscores the dynamic nature of the digital assets market.
