A whale address that participated in Ethereum’s Genesis ICO (Initial Coin Offering) has been awakened again after a dormancy period of three years. Over the past day, about 145,000 ETH was transferred off the address, just after the price of the cryptocurrency reclaimed the $2,000 mark.
Old Ethereum whale address reactivates after 3 years
The whale address reportedly obtained up to 150,000 ETH during the Ethereum Genesis offering in 2014. Five years after the ICO, about 5,000 ETH was transferred from the address to the Bitfinex3 exchange, precisely on July 31, 2019. The transaction was worth $1.095 million, with ETH trading at $219 at the time.
On August 14th, the address was spotted moving the old coins again to multiple addresses. As seen on Etherscan, the remaining 145,000 ETH were moved out of the address in a series of transactions, leaving a balance of 0.107 ETH. At today’s ETH price, the coins moved are worth over $285 million.
The transfers may not entail an impeding dump, given that all the coins were transferred to new addresses and not exchange wallets. The whale moved all the coins to about nine new ETH addresses, with each holding at least 10,000 ETH, according to the blockchain explorer.
ETH price update
The price of Ether crashed significantly alongside major cryptos due to the recent crypto winter. ETH once dropped to as low as $900 in June but gradually regained the $2,000 market price on August 13th, following what seems to be a relief momentum in the general crypto market.
At the time of writing, Ether is trading around $1,969 on Coinmarketcap, with a market capitalization of $240 billion. Meanwhile, the trading volume (24hrs) is up over 20% at $16.4 billion.
ETH 7D graph coinmarketcap