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In an eye-catching development, ancient wallets connected to Vitalik Buterin, the cofounder of Ethereum ($ETH), have resurfaced amid the current surge in $ETH prices.
Reports indicate that 200 $ETH, equivalent to a staggering $600,000, originating from the very wallets that once funded Buterin's ventures, have recently been traced to a transaction with the U.S.-based cryptocurrency exchange, Kraken.
The saga began nine years ago when an address known as "0x5eD" initially funded Vitalik Buterin's wallets. Just two days after this historic transaction, a substantial amount of 2,000 $ETH was swiftly transferred from "0x5eD" to another address labeled "0x2FE." Remarkably, these $ETH holdings remained dormant within "0x2FE" for nearly a decade, until they were abruptly sent onward to "0x9D2."
200 $ETH ($600K) from the address that originally funded Vitalik’s wallets has just been sent to Kraken.
— Arkham (@ArkhamIntel) May 17, 2024
0x5eD, after funding Vitalik's wallets 9 years ago, sent 2,000 $ETH to 0x2FE - only 2 days later.
This $ETH was held for 9 years in 0x2FE before being sent on to 0x9D2, an… pic.twitter.com/Ytq0FcSX2K
The most recent twist in this enigmatic narrative unfolded mere hours ago, when "0x9D2" deposited 200 $ETH back into Kraken.
Ethereum ($ETH) price outlook
The timing of these transactions is particularly noteworthy, occurring against the backdrop of a significant uptrend in the price of $ETH.
During today's trading session, the price of Ethereum is up almost 6%, reaching a high of $3,110 in the last week and a half. Importantly, over the past three days, the price action has almost completely reversed the decline of the previous nine days.
As a reminder, the deadline to accept or deny an Ethereum spot ETF is coming in less than a week and is the first of its kind among altcoins.
Why old wallets associated with the founders of Ethereum are sending tokens to the exchange while the price of $ETH is rising, and all this is happening a week before the decision on the Ethereum ETF, is perhaps the biggest question in the crypto world right now.