Ethereum Whale Reactivates $10.4M Wallet as ETH Surpasses $3K

Shortly after Ethereum (ETH) surpassed the $3,000 mark on Tuesday, an Ethereum wallet, dormant for 8.6 years, became active. It deposited 1,732 ETH (about $5.15 million) into the crypto exchange Kraken, as reported by blockchain tracker Lookonchain.

On-chain data shows that the owner of the mysterious wallet was an Ethereum initial coin offering (ICO) participant. The whale had received 3,465 ETH (worth $1,074 in 2014) at Ethereum Genesis. Today, the value of 3,465 ETH stands at a staggering $10.4 million, representing a remarkable 10,000x profit. At the time of ICO, each ETH was priced roughly at $0.31. 

After the price of $ETH surpassed $3,000, an #Ethereum ICO participant woke up after 8.6 years of dormancy and deposited 1,732 $ETH($5.15M) to #Kraken.

He received 3,465 $ETH($10.3M) at #Ethereum Genesis, the ETH ICO price is ~$0.31.https://t.co/K6xOHILdne pic.twitter.com/o50JKxXxzP

— Lookonchain (@lookonchain) February 20, 2024

The remaining 1,733 ETH in the wallet is still worth over $5 million. The whale’s intention to sell is unclear, but transferring to an exchange like Kraken opens up that possibility.

This latest activation is not an isolated incident. Over the past few months, many dormant ETH addresses have been reactivated, moving significant amounts of Ethereum and creating ripples across the crypto landscape. 

According to Whale Alert, an Ethereum address containing 100 ETH (about $262,757) was awakened after being dormant for 8.5 years. On Feb. 4, an address holding 100 ETH, valued at $230,159, became active after remaining dormant for 8.5 years. Similarly, addresses containing 492 ETH ($1.1 million), 200 ETH ($506,140), and 133 ETH ($329,492) have also been reactivated following prolonged periods of inactivity. 

Ethereum Hits $3,000 For First Time Since 2022 Amid Spot ETF Speculation

Ether’s price reached $3,000 earlier on Feb.20 for the first time in nearly two years amid speculation that spot ETH ETFs could be approved in the US as early as May. The second-largest crypto by market cap hit $3,003.40 just after 9 a.m. ET before pulling back. ETH is currently changing hands at $2,914, according to the CoinMarketCap.

After the successful launch of spot BTC ETFs, the focus has shifted to another narrative in the crypto markets. Major companies, including Fidelity and BlackRock, have applied for a spot ETH ETF in the last few months. 

Bloomberg ETF analyst Eric Balchunas recently said there’s a 70% possibility for the approval of spot Ethereum ETFs from the US Securities and Exchange Commission by May of this year. Moreover, Geoffrey Kendrick, head of Standard Chartered Bank’s forex and digital assets research, said if ETH follows a pattern similar to BTC before its ETF approval, ETH could reach $4,000.