Ethereum’s Awakening: Dormant Addresses Resurge, Sparking Crypto Speculation

According to Whale Alert, an ancient Ethereum pre-mine address containing 100 ETH (approximately $262,757) was activated after being dormant for 8.5 years. This latest awakening is not an isolated event. Over the past few months, many inactive Ethereum addresses have become active again, transferring significant amounts of ETH and creating ripples across the crypto landscape.

Notably, an address holding 100 ETH valued at $230,159 was activated on Feb. 4 after remaining dormant for 8.5 years. Similarly, addresses containing 133 ETH ($329,492), 492 ETH ($1.1 million), and 200 ETH ($506,140) have also been reactivated following prolonged periods of inactivity. The most remarkable revival occurred on Dec. 23 last year, when an address holding 11,640 ETH, valued at $26.4 million, was activated after 8.4 years.

Besides this, Whale Alert has detected the activation of a Bitcoin wallet, which was inactive for over nine years. The wallet holds 791 Bitcoins, equal to $26,147,621 at the flagship cryptocurrency’s price today. Moreover, the wallet was created shortly after the disappearance of the Bitcoin creator.

$31.8 Million Worth of Ethereum Moved off Exchange

According to a report from Whale Alert, a whopping 11,999 ETH, valued at about $31,846,205, was transferred from Binance to an unknown wallet. This transaction has sparked speculation and discussions among investors regarding the reasons behind the transfer. Many suggest that crypto whales might be accumulating more ETH.

🚨 🚨 11,999 #ETH (31,846,205 USD) transferred from #Binance to unknown wallethttps://t.co/2lrpxiXwgM

— Whale Alert (@whale_alert) February 14, 2024

The rise in ETH’s market value is due to recent developments in the financial sector. Franklin Templeton, an asset manager with $1.5 trillion in assets, filed with the US Securities and Exchange Commission (SEC) for a spot Ethereum ETF. This move added to the rising interest in crypto products from major asset management companies like Grayscale and BlackRock.

The current price of Ethereum stands at $2,754, marking a slight increase of 3.21 % in the last 24 hours. Ethereum has seen a 16.38% rise in value over the past week. Moreover, data from a crypto analytics firm, CoinGlass, shows a significant increase in market interest. Open Interest in Ethereum futures has risen by 2.53% over the past 24 hours, reaching a total of $9.73 billion.