News - An old Ethereum wallet suddenly moves 7,000 ETH

By Mike Hesp

An old Ethereum wallet suddenly moves 7,000 ETH

As much as 7,000 ETH worth $24 million: that's what an Ethereum wallet transferred to Kraken. What's behind this?

A dormant Ethereum-wallet suddenly becomes active again. It has been involved since the ICO in 2015, when an entire Ether coin could be purchased for a modest $0.311. Now it is moving huge amounts of ETH.

The movement of BTC or ETH from very old wallets often piques the curiosity of the crypto community. One thing is clear: the transaction worth about $24 million went to an address on the crypto exchange Kraken.

Probably the unknown major ETH investor wants to take advantage of the recent rise in the price by taking profits. Currently, ETH is trading at $3,470, representing a price increase of 47% since the beginning of the year.

Previously, the Ethereum IPO participant remained completely silent for 209 days. Despite the possible sale he remains still retains an impressive stock of 40,000 ETH, currently worth about $140 million. Originally, he had actually acquired 254,900 ETH at the ICO, which cost him only $79,200 in total. So in dollar terms, he made an incredible return of 1,115,600%.

The Ethereum community is excited about the size of the transaction, but also about the market implications that may result. Large ETH moves from early investors could affect price dynamics and market volatility.

Recently dove another Ethereum wallet up again after nine years. This moved 8,518 ETH worth $32 million, also to the crypto exchange Kraken. Historically, transactions of this size are often seen as a negative sign.

Yet at the same time, there are positive signs: currently, the scarcity of Ethereum on crypto exchanges is increasing.

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