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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%.