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Three dormant Ethereum addresses emerged from a multi-year hibernation to sell large amounts of ETH following the recent spike in the price of ETH.
This week, the crypto market has witnessed many interesting developments. Topping the list is the emergence of more than 200 pro-crypto candidates for various public offices in the United States, including the presidency.
This remarkable feat led to a jaw-dropping surge in crypto prices, such as Bitcoin (BTC) and Ethereum (ETH). Although ETH did not register a new all-time high (ATH) like BTC, the second-biggest cryptocurrency rose to nearly $2,900.
Ethereum Whales Re-awaken After 8 Years of Inactivity
Interestingly, the owners of three dormant Ethereum addresses capitalized on the recent price surge by offloading some of their ETH holdings. Overall, these multi-year dormant addresses sold 44,706 ETH after the recent surge.
ICO Whales Return After Multi-Year Dormancy
Notably, leading on-chain analytics platform Spot On Chain called the public’s attention to two long-term ETH holders who sold 33,701 ETH, worth a whopping $89.72 million.
The first transaction came from an Ethereum ICO participant with the address ‘0xB8c.’ Apparently, this address has been dormant since the ICO but came out of hibernation after ETH’s price neared $2,700.
Following the re-awakening, the user moved 25,000 ETH to the Kraken crypto exchange, selling them for $65.67 million. Spot On Chain suggested that the whale sold each ETH at $2,627. Despite the hefty sale, the user still held about 64,450 ETH, valued at $181.2 million.
Additionally, the second whale highlighted by Spot on Chain came out of an 8.75-year dormancy to sell over 8,000 ETH. This indicates that the Ethereum address ‘0x0c1’ has been dormant since April 2016. With ETH surging tremendously this week, the whale became active and sold 8,701 ETH for $24.05 million worth of USDC.
The address still had a balance of 2,304 ETH ($6.49 million) after recording a profit of $30.48 million, representing a return of 68,900%.
Two long-term $ETH holders unloaded 33,701 $ETH ($89.72M) as the price surged 13.75% in 24 hours:
1/ Ethereum ICO whale "0xB8c" sent 25,000 $ETH ($65.67M) to #Kraken at ~$2,627, leaving 64,450 $ETH ($181.2M).
2/ Whale "0x0c1" returned after 8.75 years to sell 8,701 $ETH for… pic.twitter.com/KrmC7KT60m
— Spot On Chain (@spotonchain) November 7, 2024
Early Ethereum Investor Sells 11,005 ETH at 80,200% Profit
Furthermore, another Ethereum whale with an eight-year-old dormant address, ‘0xd82,’ cashed out $30.56 million after selling 11,005 ETH for $2,777 per unit, leaving it with a 0 ETH balance. Popular smart money on-chain platform Lookonchain indexed this transaction today in an X post.
According to Lookonchain, this whale has been a long-term ETH investor since 2016. At the time, the user acquired all 11,005 ETH from crypto trading platform ShapeShift. With ETH priced at $3.46 then, the whale spent around $38,000 to accumulate the 11,005 ETH coins. Interestingly, the user made a profit of $30.52 million, representing an 80,200% ROI.
After the $ETH price rose, a whale dormant for 8 years sold 11,005 $ETH($30.56M) at $2,777 over the past 2 hours!
This whale accumulated 11,005 $ETH($38K at the time) from #ShapeShift at $3.46 per ETH in 2016.
The profit? $30.52M — an 802x return!https://t.co/f8CtLHvx2t pic.twitter.com/MKB15m19oR
— Lookonchain (@lookonchain) November 7, 2024
Besides these transactions, other Ethereum whales have also capitalized on the recent price surge. Despite this, ETH currently trades at $2,846 per coin, marking a 24-hour increase of 9.71%.