Ethereum
92,500 ETH transferred after six years
Tomiwabold Olajide
Ethereum Foundation-Linked Wallet Comes Back to Life After 6.6 Years of Inactivity
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According to on-chain data sources, a Ethereum Foundation-the linked wallet came back to life after 6.6 years of inactivity.
According to Watch on the channela blockchain analytics platform, a wallet linked to the Ethereum Foundation transferred 92,500 ETH, worth about $294.9 million, to a new wallet a few hours ago. The ETH Foundation-linked wallet in question had not seen any activity for over six years, so it attracted attention.
On-chain tracing revealed that the Ethereum stash was initially received from the Ethereum Foundation on September 1, 2015. This was a pivotal moment in the history of the cryptocurrency, as Ethereum was in its infancy, having launched about a month earlier on July 30, 2015.
Inactive wallets often raise questions about the intentions behind such large movements, especially when they involve large amounts of cryptocurrency.
While the exact reasons for the move remain unclear, the market reaction has been neutral, as it is a fund reshuffle. A move to cryptocurrency exchanges implies a sell-off, which is bearish, but this is not the case.
Ethereum Price Rebounds
The cryptocurrency market resisted further declines on Thursday, with major cryptocurrencies Bitcoin and Ethereum reaching price levels seen earlier in the week.
The gains were sustained through press time, with Bitcoin and Ethereum posting gains. Bitcoin was up 4.58% over the past 24 hours to $67,166, while Ethereum was up 2.1% to $3,243, according to CoinMarketCap data.
Cryptocurrency prices fell on Wednesday amid massive liquidations in financial markets. While the market has shown signs of resilience, investors’ shifting moods between risk and aversion remain a major concern.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. He pays special attention to cryptocurrency research, conducting comprehensive price analyses and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.