Coinbase Alert: Dormant Ethereum Whale Stirs with $770,000 ETH Deposit, New Data Reveals
The crypto seas are witnessing a fascinating phenomenon as Ethereum's price surges above $3,200, prompting dormant whales to make significant moves after years of silence. One such instance, highlighted by Whale Alert, involves an Ethereum investor who, after 8.6 years of inactivity, deposited a staggering 238.75 ETH, valued at $770,000, into Coinbase.
Lookonchain, in a recent post, provided insights into this notable transaction, revealing that the investor originally acquired the ETH at a mere $0.31 per token during Ethereum's early stages. The decision to move these assets came as Ethereum's price experienced a remarkable ascent, reaching above $3,200. At the time of the transaction, Ethereum was trading at $3,232.50, reflecting a surge of 4.17% in one day, 10.55% in one week, and 42.91% in one month.
This awakening of dormant whales is not an isolated incident. On February 14, Whale Alert disclosed the activation of an ancient Ethereum pre-mine address holding 100 ETH. After 8.5 years of silence, the address now contains $262,757 worth of ETH.
These events are part of a larger trend observed over the past few months, where dormant addresses have re-entered the crypto space with significant transactions. A December 14, 2023 post highlighted an Ethereum investor who, after three silent years, deposited 5,000 ETH into Coinbase. Another dormant whale, inactive for five years, moved 39,260 ETH, valued at approximately $87.6 million, into the Kraken exchange.
Lookonchain's insights also draw attention to the increasing accumulation of ETH by whales during this notable price hike. Address 0x8B94 withdrew 14,632 ETH worth $45.5 million from Binance, staking it within the past six days. Additionally, two fresh wallets withdrew 6,000 ETH, totaling $18.7 million.
As Ethereum continues to create waves in the cryptocurrency space, these dormant whale activations and significant moves contribute to the unfolding narrative of Ethereum's resurgence. The re-emergence of long-inactive investors and the strategic accumulation of ETH by whales add an intriguing dimension to the evolving landscape of Ethereum's dominance in the crypto seas.