Six-Year Dormant Ethereum Whale Wallet Activated Before ETH’s $1,500 Rally

ethereum whale

An anonymous Ethereum (ETH) wallet that has been dormant for over six years was reawakened shortly before ETH embarked on its 15% spike that has seen its price rally over $,1500 for the first time in over six weeks.

Dormant ETH Addresses Awaken

On-chain data tracker Santiment reported that in the late hours of Tuesday, October 25th, a dormant Ethereum address moved $22.2 million worth of ETH to an empty wallet.

Ethereum whale moves

According to Santiment, the transaction was the first recorded on the wallet since October 4th, 2016. The 15,000 ETH moved was not the only whale transaction recorded before the ETH rally. 

Whale Alert also reported that a pre-mine ETH address that contained 200 ETH ($282,115) was also activated after 7.2 years of dormancy. The reawakening follows a 15% spike that has seen the price of ETH cross $1,540.

ETH graph coinmarketcap ethereum crypto

The 24 hours price chart for Ethereum (ETH). Source: CoinMarketCap

Dormant Addresses Fueling the Rally?

The reawakening of dormant addresses is not the only factor leading to the spike in the price of Ethereum. Just before the spike started, we reported that the CFTC boss, Rostin Behnam, reaffirmed Ethereum’s classification as a commodity.

In addition, the rally is in synch with a price breakout for S&P 500. The stock is up by more than 1.6% to hit a new five-week high even as the strength of the U.S. dollar falls today.

On the Flipside

  • Investors have been rekt of over $476 million in the last 24 hours for betting against Ethereum’s rise above $1,500.
Total liquidations

Why You Should Care

Ethereum’s rally looks to be a combination of several positive factors and reduces tension on ETH holders who have felt the sting of the crypto winter.

Read the comments of the CFTC boss in:

CFTC Boss Rostin Behnam Reaffirms Ethereum’s (ETH) Classification as a Commodity

Take a deep dive into Ethereum’s new PoS chain below:

The Merge: an Introduction to Ethereum’s PoW to PoS Transition

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).