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Analytics X account Lookonchain has spotted a massive dormant ETH whale, who came out of an eight-year hibernation. When he did this, he held more than $4 billion worth of Ethereum.
He already started moving his tremendous Ethereum riches.
One million ETH wallet reactivates
The aforementioned analytics account revealed that a whale who participated in the Ethereum ICO, received 1,000,000 ETH and had been dormant for eight years has returned to activity.
A total of 1,000,000 ETH is currently worth approximately $4.3 billion. He obtained those million coins after investing $310,000 in the Ethereum Initial Coin Offering via three wallets.
Once he awakened, he immediately transferred 150,000 ETH, worth $645 million, to a new wallet for staking. Lookonchain did not specify what the whale did with the rest of the crypto, but after staking 150,000 ETH, he still holds 105,000 ETH, valued at roughly $451.5 million, in two wallets.
Whales keep buying Ethereum like crazy
The aforementioned account also reported that retail whales and financial institutions continue to accumulate Ethereum in large quantities. Over the past two days, they have bought 218,750 ETH.
This amount of crypto is worth close to a billion dollars — $942.8 million. Among those whales was Bitmine, linked to Fundstrat’s Tom Lee, who has recently turned into a rigid Ethereum bull. Bitmine acquired 69,603 ETH for roughly $300 million from BitGo and Galaxy Digital.
In addition, five wallets that were set up recently bought 102,455 ETH, equal to $441.6 million, via the FalconX platform.
Over the past day, the second-largest cryptocurrency has staged a 3.55% rise, soaring to $4,420. Ethereum logged a massive green candle on an hourly chart, which pushed it up 2%.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team