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Dormant Ethereum Whale Reawakens with Massive Returns
A long-dormant Ethereum wallet linked to the network’s 2014 initial coin offering (ICO) has recently been activated after a decade of inactivity. The wallet, which holds 334.7 ETH, is valued at over AU$2.3 million (US$1.5 million), marking a remarkable transformation for the initial investment of only AU$159 (US$104). This equates to an astonishing return of approximately 14,269 times the original investment.
The Resurgence of Old Wallets
Blockchain analytics firm Lookonchain reported that this wallet, which remained untouched since the ICO, executed a small test transfer before moving its entire ETH balance to a newly created wallet. The ICO took place prior to Ethereum’s formal launch in July 2015, and the recent surge in ETH prices has sparked renewed interest in dormant wallets across both the Ethereum and Bitcoin networks.
ETH has recently reclaimed values above AU$6,100 (US$4,000) for the first time since 2021, fuelling excitement and speculation within the cryptocurrency market. Institutions and exchange-traded funds (ETFs) have been aggressively accumulating ETH in recent months. Fundstrat’s Head of Research, Thomas Lee, forecasts that ETH could reach a remarkable AU$23,000 (US$15,000) by the end of 2025.
Will the Whale Cash Out?
The question remains whether the whale will liquidate its holdings. Historical data suggests that the likelihood of selling is high, especially as evidenced by the activity of ‘7 Siblings’, a collective of ETH wallets that sold 19.461 ETH at an average price of AU$6,922 (US$4,532).
Waking dormant wallets is becoming a trend not only within the Ethereum ecosystem but also among Bitcoin addresses. For instance, a wallet from the Satoshi era recently executed a staggering US$9 billion (AU$13.8 billion) Bitcoin transaction without significantly affecting market prices. Similarly, another dormant Bitcoin wallet moved nearly AU$534 million (US$350 million) to new wallets just this month.
Conclusion
The awakening of this Ethereum whale coincides with a bullish market phase, reflecting broader trends of long-quiet cryptocurrency holders re-engaging as prices rise. With growing institutional interest and bullish forecasts, it remains to be seen how these dormant assets will influence the market dynamics in the foreseeable future.
