A long sleep. From time to time, cryptocurrencies slept for many years suddenly start moving again. When it happened with Bitcoin (BTC), we always wonder if it weren’t for Satoshi Nakamoto’s BTC. In this case, coming out of hibernation affects the network Ethereum (ETH). Indeed, ethers perfectly immobile for 7 years were suddenly moved again.
A $300 million Ethereum treasure, dormant since 2017, awakens in 2024.
To understand the aspect a bit outstanding of the cryptocurrency movement that just took place on Ethereum we have to go back almost to startup on this blockchain network, c 2015.
Because according to data on the Arkham Intelligence platform, was at that time (precisely 1is September 2015) that The Ethereum Foundation make a transfer to 96,474 ETH to that mysterious address of whale in question today.
The word “whale” (denoting a rich cryptocurrency owner) is used here, since already at that time this amount of ether still represented $130,000 (by the way, barely $1.35 for Ether!), which does not fit the profile of the average small investor. On air today, July 26, 2024, approx 3200 dollarsthis same quantity of ethers is now valued at more than 300 million dollars.
92,500 resurrected ethers that were transferred to an unknown address
Going back to this very recent transaction, our whale address has therefore been retired 92,499 ethers who hadn’t moved a bit from 2017, and which therefore even go back originally to this famous transfer from the Ethereum Foundation. This represents slightly less than 300 million dollars at the current price.
While some speculate that these sent ethers still belong to the Ethereum Foundation, others say they don’t. Without an official statement from the foundation, we will not know more for the time being mysterious destination of all these ethers as the receiving address is not specified by any known crypto actor.
Another possibility, quite recent launch of Ethereum spot ETF managed to wake up this big investor very early of Ethereum who will now think of doing something with their ethers. If this large hoard of ETH ever reaches a known addressWe’ll keep you posted!
