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According to on-chain data sources, an Ethereum Foundation-linked wallet has come back to life after 6.6 years of dormancy.
According to Lookonchain, a blockchain analytics platform, an Ethereum Foundation-related wallet transferred 92,500 ETH, valued at approximately $294.9 million, to a new wallet some hours back. The ETH Foundation-linked wallet in question had not seen any activity for over six years, thus, it commanded attention.
On-chain tracking revealed that the Ethereum stash was originally received from the Ethereum Foundation on Sept. 1, 2015. This timing was crucial in the cryptocurrency's history as Ethereum was in its infancy, having been launched about a month prior, on July 30, 2015.
Dormant wallets often raise questions about the intentions behind such significant moves, especially when they involve large amounts of cryptocurrency.
Tomiwabold OlajideWhile the exact reasons behind the transfer remain unclear, the market reaction was neutral, as it is funds shuffling. A move to crypto exchanges implies selling, which is bearish, but this is not the case.
Ethereum price rebounds
The crypto market resisted further falls on Thursday, with major cryptocurrencies Bitcoin and Ethereum reaching price levels seen earlier in the week.
The gains were sustained until press time, with Bitcoin and Ethereum showing gains. Bitcoin has risen 4.58% in the last 24 hours to $67,166, while Ethereum has risen 2.1% to $3,243, according to CoinMarketCap data.
Cryptocurrency prices plummeted on Wednesday amid a flurry of liquidations following significant losses on the broader financial markets. Though the market has shown signs of resilience, investors' shifting mood between risk-on and risk-off remains a major concern.
Dan Burgin
