Ethereum Whale Emerges After a Decade: From $620 to $6 Million

In a remarkable turn of events, a dormant Ethereum wallet containing 2,000 ETH, valued at approximately $5.9 million, has been activated after lying inactive for over a decade. This article explores the implications of such significant awakenings in the Ethereum community and highlights trends in whale activity.

Key Takeaways

An Ethereum wallet with 2,000 ETH has reactivated after 10 years, initially acquired for just $620.
Recent months have seen a rise in the activity of historic Ethereum wallets, with a notable amount of 40,000 ETH waking up.
Whale activity can lead to short-term price fluctuations and bearish sentiments in the market.
The Ethereum network's recent upgrades are attracting whale participation in staking and consolidation.

Recently, data from WhaleAlert revealed that a pre-mine Ethereum address holding a total of 2,000 ETH (approximately $5.9 million) was reactivated after more than a decade of dormancy. At the time of purchase, the tokens were worth only $620.

During the initial 14 days of the ETH sale in 2014, the price was set at 2,000 ETH for 1 BTC. This unique investor spent precisely 1 Bitcoin, which was worth around $600 back then, to acquire the funds in that wallet.

In the last couple of months, there has been a noticeable trend of "sleeping giant" Ethereum wallets coming back to life. For instance, on December 1, a wallet containing 40,000 ETH (about $120 million) emerged from inactivity after resting for over a decade. The owner of this wallet transferred the entire sum to a new wallet and staked it on the Ethereum Beacon Chain, opting for yield rather than cashing out a substantial 9,600x profit.

Ethereum Wallet Activity

On December 10, another whale sold 850 ETH on Coinbase for roughly $2.8 million. The initial investment from 2015 was around $263, marking an impressive gain of about 10,684%.

Typically, smaller transfers to exchanges can create short-term bearish sentiment fueled by the fear of selling by long-time holders. However, the number of original Genesis wallets that remain completely dormant is dwindling. Estimates suggest that only about 600 of these wallets are still untouched, and any "Whale Alert" notifications regarding transfers of long-dormant ETH to exchanges signify a decrease in this count.

Furthermore, with the recent Pectra upgrade introducing MaxEB (Maximum Effective Balance), the limit for a single validator has been raised from 32 ETH to 2,048 ETH, encouraging whales to move their funds for consolidation and staking purposes.

Ethereum Whale Emerges After a Decade: From $620 to $6 Million