After being dormant for three years, an Ethereum address that held on to 100,000 ETH has now moved 20,000 ETH (worth over $42 million).
The wallet holder transferred the funds to separate accounts, including a Kraken wallet. Notably, the latest transfer comes at a time when ETH’s price is increasing, sparking speculation that the wallet wants to liquidate its position.
Wallet Holder Moves $42M
According to on-chain data from the blockchain explorer Etherscan, the wallet holder participated in the Ethereum initial coin offering (ICO) event in 2014. An ICO is a fundraising mechanism used by crypto projects to finance the protocol development while offering early investors a discounted price for the project’s tokens.
During the Ethereum ICO event, investors purchased ETH for a discounted price of $0.31. Ethereum’s creator, Vitalik Buterin, and his team sold about 60 million ETH coins valued at $18.3 million. The owner of the aforementioned wallet acquired 100,000 units of the coin, valued at a totalidade of $31,000 at the time.
Fast forward to the present, ETH is valued at over $2,000. This brings the valuation of the user’s portfolio to over $200 million. Since 2014, the user has moved some tranches of ETH coins to several wallets. However, the wallet became dormant after receiving over 0.7 ETH three years ago.
In the wake of the ETH price resurgence, the user moved $42 million worth of ETH to several accounts some hours ago. Among the several wallets the funds were moved to is a custodial wallet with the American crypto exchange Kraken. Approximately 10 ETH was sent to the wallet address.
ETH Price Above $2K
Following the prolonged bearish trends that have enveloped the global crypto market, the industry is now experiencing a bull run, regaining its losses. These gains have rubbed off on most cryptocurrencies within the system, ETH inclusive.
At the time of writing, ETH traded at $2080, representing over a 7% increase in the past week. Within the past month alone, ETH saw an impressive 17% increase, signaling an increased interest in the second-largest cryptocurrency.
Source: CoinStats