Ethereum and Bitcoin dormant whales have become active after years of inactivity and are moving coins from old to new addresses.
The world’s second largest cryptocurrency Ethereum (ETH) has seen good growth so far in this year 2023. After surging above $2,000 by mid-April, ETH price has come under some selling pressure and is currently trading around $1863 with a market cap of $224 billion. In an interesting development, on-chain data shows that an Ethereum ICO participant has woken up after 7.7 years of inactivity and has just moved 1 ETH to a new address. Many speculate that this is a test transaction taking place in block 17110898.
According to on-chain data provider LookOnChain, the wallet in question has received a total of 2365 ether (ETH), which is worth $4.42 billion as of today’s price. During the Ethereum ICO in 2013, one Ether (ETH) cost around $0.31, and is worth $1,860 today.
An Ethereum ICO participant wakes up after 7.7 years of inactivity and moves 1 $ETH at a new address.
they got 2,365 $ETHAt Ethereum Genesis ($4.42M currently), the ETH ICO price is ~$0.31.https://t.co/hOfBSyml19 pic.twitter.com/yoMoB6vE9n
— lookonchain (@lookonchain) April 24, 2023
Not many details are available about the Ethereum whale in question. However, a general trend is that passive whale transactions have been on the rise in the crypto market recently.
Bitcoin whales become active after a decade
Earlier this month on April 21, a bitcoin whale suddenly became active after nearly a decade of inactivity. The bitcoin whale transferred a total of 279 bitcoins – $7.8 million – to three different addresses at the time of the transaction.
This transaction occurred immediately after another long period of inactivity Bitcoin The whales transferred a total of 2,071.5 BTC – $60.7 million after nine years of inactivity.
There is no particular clarity regarding the recent moves of the bitcoin whales. However, there is speculation in the market that these longtime crypto users are moving old wallets to new wallets, given the recent wallet-draining operation reportedly targeting old wallets. Along with the rise of the crypto market, crypto theft is also on the rise. Thus, there may be a possibility that passive whales are looking at other ways to secure their wealth.
Bitcoin price has also seen a strong decline of more than 9% in the last week and is currently trading around $27,349 with a market capitalization of $529 billion. However, bitcoin optimists are not losing hope and are looking forward to other major events, such as the planned bitcoin halving next year in mid-2024.
Some analysts have raised their target for the price of bitcoin to $50,000 next year. Jamie Douglas Coutts, Bloomberg Intelligence Analyst Said,
“The bitcoin cycle bottoms out about 12-18 months before the halving and this cycle structure looks very similar to previous ones, although a number of things have changed – while the network is quite robust, bitcoin has not endured severe economic contractions for long.” has done”.
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Bhushan is passionate about Fintech and has a good grasp of understanding the financial markets. His interest in economics and finance drew his attention to the newly emerging blockchain technology and cryptocurrency markets. He is in the process of continuous learning and keeps motivating himself by sharing his acquired knowledge. In his spare time he reads thriller fiction novels and occasionally explores his culinary skills.
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