- A Genesis-era Ethereum whale has reactivated after 10 years by moving 1 ETH from a wallet holding 1,000 ETH worth $2.44 million.
- Several long-dormant Ethereum wallets from the ICO era have recently become active, coinciding with a period of market price consolidation.
- Spot Ethereum ETFs recorded seven consecutive weeks of inflows, reflecting continued institutional interest despite rising short positions.
An Ethereum whale wallet created during the blockchain’s initial coin offering (ICO) has shown activity after a decade of dormancy. The wallet, which received 1,000 ETH during the Genesis event for just $310, initiated a 1 ETH transaction recently, according to data from Etherscan. This move has attracted attention from the crypto community due to the massive price appreciation.
At the current Ethereum price of $2,502, the wallet’s total holdings are now valued at approximately $2.44 million. This marks a staggering 787,000% gain over the initial purchase amount.
The ETH, acquired for roughly $0.31 per token in 2015, now sits at the center of speculation regarding whether large-scale liquidations could follow.
Multiple ICO-Era Wallets Show Activity
This wallet is not the only one to stir after years of inactivity. Earlier in June, another Genesis-era whale moved ETH after 10 years. That wallet had received 2,000 ETH during the ICO phase for just $620. The current valuation of that wallet exceeds $5 million. These movements suggest a pattern among early investors, potentially preparing to engage with the market again.
The reactivation of these wallets comes as Ethereum continues to trade around the $2,500 level. This prolonged price range has created a phase of market consolidation. Over the past week, whale activity has spiked, including a separate $10 million ETH purchase by another large holder.
Concurrently, there has been an uptick in short positions against ETH, increasing the likelihood of a short squeeze. In contrast, institutional demand remains strong. Spot Ethereum ETFs have recorded seven straight weeks of net inflows, totaling $283 million last week, led by BlackRock’s ETHA fund.
