Ethereum Whale Becomes Active with $290 Million Transfer After 7 Years of Inactivity

An Ethereum wallet associated with the Ethereum Foundation has been reactivated after a seven-year dormancy. Its reactivation came to light after it transferred a staggering 92,500 ETH, worth approximately $290 million.

The significant transaction was first reported by Chinese journalist Colin Wu, who detailed that the transfer occurred on July 25 at 23:39 UTC+8.

0x0d…ecf4 transferred about 92,500 ETH worth $290 million to the new address 0xe4…328C at 23:39 UTC+8 on July 25. The funds originated from the transfer of the address 0xe9…1e94 marked by Arkham, which may be the Ethereum Foundation, on May 9, 2017. https://t.co/2964kDcDK0

— Wu Blockchain (@WuBlockchain) July 26, 2024

Moreover, Lookonchain, a blockchain surveillance platform, confirmed Wu’s report. Both reports speculated that the sending address belonged to the Ethereum Foundation.

An #EthereumFoundation-related wallet transferred 92,500 $ETH($294.9M) to a new wallet 9 hours ago after being dormant for 6.6 years.

Through on-chain tracking, it was found that these $ETH were received from the #EthereumFoundation on Sept 1, 2015.https://t.co/FKGsNCrBAT pic.twitter.com/vPOAMq4ccK

— Lookonchain (@lookonchain) July 26, 2024

Ethereum Whale Activity

The dormant wallet activity garnered significant attention from the crypto community due to the potential market implications and the mysterious nature of such large movements.

The funds were initially transferred from the address 0xe9…1e94, which Arkham also identified as potentially connected to the Ethereum Foundation.

The receiving address, inactive since December 21, 2017, recorded its first transaction that day, receiving 92,401 ETH valued at $75.11 million.

Following this, it received an additional 99.189 ETH, valued at $80.63K, bringing the total received to 92,500 ETH. This recent transaction means that this address’s ETH holdings now have a current value of around $283.5 million, a profit of over $215 million from the initial amount.

Meanwhile, examining the Profit and Loss (PnL) trends for the address 0x0d…ecf4 revealed exciting insights into this wallet’s historical performance.

Between 2019 and 2020, the cumulative PnL showed minor fluctuations but remained relatively stable. However, a noticeable upward trend began in late 2020, as the Ethereum market experienced significant bullish activity.

This growth continued the following year and eventually reached its all-time high before a correction occurred.

The market volatility continued in 2022, raising the cumulative PnL again to another peak point. The wallet showed no notable growth between the end of 2022 and the start of the following year. 

However, as 2023 progressed, the PnL regained momentum and hit a new high. This surge came before a brief correction that co-occurred with the recent withdrawal.

Whale and Ethereum Foundation Activities

IntoTheBlock data on July 8 revealed that approximately 122.34 million addresses contain ETH. Of these addresses, only five contain over 1 million of the tokens.

About 1.01k addresses are currently in the 10k to 100k ETH category. This whale now falls into this category after the recent transfer of 92,401 ETH. 

Meanwhile, recent movements from Ethereum Foundation wallets are also worth mentioning. 

Two Ethereum Foundation and ICO-related wallets reportedly moved about $12.5 million worth of Ether (3,631 ETH) to a popular US-based crypto exchange, Kraken, on July 17. 

Approximately $9.01 million in Ether (2,631 ETH) left one of these wallets after receiving 17,886 ETH a few days back. The second wallet also sent exactly 1,000 ETH valued at $3.46 million to Kraken. 

This transaction came from 100,000 ETH transferred to an ICO participant at Ethereum’s Genesis in 2015. These vast amounts of ETH movements to the crypto exchange usually cause price fluctuations. 

Even though the ETH price has gained 3.89% over the past 24 hours, investors and traders should still be alert, as market dynamics are unpredictable. 

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