Blockchain data tracker Whale Alert that monitors large cryptocurrency transactions has reported that an Ethereum (ETH) wallet address from the dormant ICO era has recently become active. The wallet address in question moved 2,000 ETH worth $3.19 million at current prices.
According to Whale Alert, the wallet address became active again after 8.2 years. The data provided by the blockchain data tracker shows that the wallet address was created during the ongoing Ethereum ICO in 2015.
Blockchain data analysis platform Lookonchain reported that the Ethereum whale transferred all 2,000 ETH in the wallet address to four different wallet addresses. It also added that the Ethereum whale acquired the ETH during the period when ETH was distributed to investors in the Genesis block of Ethereum. At that time, 2,000 ETH was only worth $620 (1 ETH = $0.31), indicating a 517,000% profit per ETH for the whale.
Ethereum, the largest cryptocurrency and also the largest altcoin, managed to rise from $1,547 to $1,620 with a significant increase of 4.71% between October 19 and 20. At the time of writing, ETH is trading at $1,604, representing a 1.22% increase in the last 24 hours.
On the first day of the week, ETH rapidly rose following the news that the US Securities and Exchange Commission (SEC) approved the spot Bitcoin ETF application of BlackRock, the world’s largest asset management company. However, ETH and Bitcoin both experienced a pullback after the news was denied.
Furthermore, current on-chain data indicates that large cryptocurrency investors with less than 1 million ETH in their wallet addresses have increased their total balances to 32.3% of the circulating supply for the first time since 2016. Additionally, data from on-chain data company Santiment identified numerous transactions involving over 1 million dollars’ worth of Ethereum at the beginning of the week, suggesting an increase in whale activity on the Ethereum network.