9-Year Dormant Ethereum Wallet Suddenly Springs to Life, Realizing $7 Million Gain in Holdings

9-Year Dormant Ethereum Wallet Suddenly Springs to Life, Realizing $7 Million Gain in Holdings

An Ethereum Genesis wallet that lay dormant for almost a decade has suddenly sprung to life after lying inactive for precisely 8.7 years, with the owner raking in mouthwatering profits.

According to data from crypto analytics firm LookonChain, the wallet was originally created on July 30, 2015, coinciding with a deposit of around 2,000 ETH when the cryptocurrency was valued at approximately $0.31. Fast-forward to Sunday, March 24, when the anonymous owner activated it. The stash’s value had ballooned to approximately $6.7 million, marking an impressive 1.1 million percentage increase.

Interestingly, this is not the first time a dormant Ethereum wallet has been activated this quarter. Late last month, another dormant wallet, which dates back to the Ethereum ICO days, transferred 238.75 ETH, worth around $770,000, to Coinbase after the price of ETH surpassed 3,200.

Earlier on February 20, the firm also reported that another ICO participant woke up after a dormant period of 8.6 years and deposited 1,732 ETH valued at approximately $5.15 million into Kraken after receiving 3,465 ETH valued at $10.3 million during Ethereum’s Genesis phase.

That said, these recent instances of dormant Ethereum wallets being activated have sparked considerable curiosity and speculation regarding the identities and intentions of their owners.

Notably, these developments unfold against the backdrop of Ethereum’s ongoing surge, bolstered by growing calls for the approval of an Ethereum spot exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). While the anonymous owners could be looking to capitalize on the said potential SEC approval, instances such as these arise when a wallet owner retrieves lost keys, seeks to secure profits after a prolonged period of HODLing, or aims to diversify their holdings into alternative assets.

That said, amid these developments, Ether has continued to exude strength despite the price facing a nominal retracement last week following a substantial amount of ETH being sent to exchanges, as seen on Glassnode. According to the latest data from onchain analytics firm Santiment, Ethereum Whale activity has peaked, with indicators such as the 30-day average returns of ETH wallets and the Relative Strength Index (RSI) dropping to their lowest point since late January.

ETH was trading at $3,567 at press time, reflecting a 6.99% surge over the past 7 days.

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