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Dormant Ethereum Wallet Awakens: $21.9 Million in ETH Moves After Nine Years

#Ethereum #ETHER #EthereumWhale #Whale $ETH

A dormant Ethereum address containing $21.9 million has become active after nearly nine years, potentially adding selling pressure on ETH.

ETH Price Faces Volatility Amid Market Downturn
The broader cryptocurrency market is down, with Ethereum (ETH) experiencing a 3.5% drop below $3,700, hitting a low of $3,620 before recovering.

Ethereum Whale Moves 15,254 ETH to Kraken
On-chain data from LooKonChain shows a wallet linked to the Ethereum Foundation deposited 15,254 ETH ($56.1 million) into Kraken. This large transaction, involving ETH from an Ethereum ICO wallet, happened eight hours before the announcement.

Reactivation of Dormant Ethereum Addresses
Whale Alert reported the reactivation of a dormant pre-mined Ethereum address, the first in June. In May, two other dormant addresses holding $325,535 and $5.9 million also became active.

ETH Price Action and Future Outlook
Since the approval of spot ETH ETFs in the US on May 20, demand for Ethereum has surged. Long-term holders now acquire an average of 40,000 ETH daily, up from 5,000 ETH. Major ETH investors' total holdings have increased to 16 million ETH from 15.4 million.

Conclusion
The reactivation of dormant Ethereum addresses and significant whale movements may influence ETH's price. Investors and analysts are closely monitoring these developments.