- A genesis Ethereum whale address has been reactivated after 3 years.
- 145,000 ETH were transferred to several new wallets.
- Ethereum is down 4.5% following the move.
After three years of inactivity, a whale address that first bought Ethereum during the Genesis ICO (Initial Coin Offering) has resurfaced. Just as the price of ETH passed $2,000 again yesterday, approximately 145,000 ETH were moved out of the address.
According to data from Etherscan, the whale address acquired as much as 150,000 ETH during the Ethereum Genesis launch ICO in 2014. Roughly five years after the ICO, on July 31, 2019, the address transferred 5000 Ether to the Cryptocurrency exchange Bitfinex. At the time of the transaction, the price of ETH was $219; therefore, the total value of the exchange was $1.095 million.
August 14 saw the address once again distributing the old coins to other addresses. Following a series of transactions, the remaining 145,000 ETH were removed from the address, decreasing its balance to 0.107 ETH, as visible on Etherscan.
The crypto community believes that it seems very improbable that the whale would sell his holdings since the transactions don’t indicate that the funds are moving to an exchange. A more probable scenario, many agree, would be that the investor will set up several Ethereum 2.0 nodes to generate a passive revenue stream.
If sold at current prices, the remaining 145,000 ETH can go for upwards of $270 million. While this is a significant number, considering the current market downturn, it is highly unlikely that it would result in a renewed market crash.
The price of Ethereum took a minor slump following the move, with ETH down 4.5% over the past 24 hours, trading slightly over the $1900 mark at the time of writing.
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