Blockchain tracker Whale Alert has spotted an old Ethereum wallet returning to life after almost ten years. This wallet holds over $5 million worth of Ethereum, catching the crypto community’s attention.
The wallet, dormant since 2014, suddenly became active again. It contains 2,000 ETH, now worth a whopping $5,476,804. In 2014, during Ethereum’s initial coin offering, this amount was only worth $620, with each ETH priced at just $0.31.
Source: Whale Alert X Post
Ethereum, the second-largest cryptocurrency by market value, trades at $2,743. It dropped 2.6% in a day, following a significant price jump last week when it climbed from $2,570 to $2,815.
Whale Alert also noticed other large ETH movements today. Someone moved 29,999 ETH to Binance, the world’s biggest crypto exchange. Two similar-sized chunks of ETH, about 12,573 each, went to Coinbase, the largest U.S. exchange. These transfers were worth around $34-35 million each.
But it’s not just Ethereum wallets that are waking up. Over the weekend, two old Bitcoin wallets also sprang back to life. One had been quiet for 11 years, the other for 13.6 years. They held 25 BTC and 64 BTC, worth $1,597,432 and $4,147,400, respectively. Last week, several other long-dormant Bitcoin addresses also became active. The owners might be selling their coins or have just found their lost private keys.
Source: Whale Alert X Post
Ethereum Surges Amid Bitcoin Rally and Whale Wallet Revival
Bitcoin now trades at $63,973. On Friday, it jumped 6.1% after Federal Reserve chief Jerome Powell announced plans to lower interest rates soon. This news pushed Bitcoin from $60,720 to $64,470. Ethereum and other cryptocurrencies followed Bitcoin’s upward trend.
These reactivated wallets highlight the ever-changing nature of the crypto market. They remind us that even coins, though long lost, can suddenly reappear, potentially affecting market dynamics. The revival of these old wallets also shows how much the value of cryptocurrencies has grown.
As the crypto market evolves, investors and analysts closely watch these “whale” movements. Large transfers and suddenly active old wallets signal upcoming market shifts. However, it’s important to remember that the crypto market is highly unpredictable, and even big movements don’t always lead to significant changes.
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