A participant in the Ethereum initial coin offering (ICO) who hasn’t used their wallet in almost nine years has moved a staggering 2,000 ETH. The current worth of this amount, according to blockchain detective Lookonchain, is almost $6.7 million.
The price of the second-largest cryptocurrency on well-known spot markets is $3,354 at the time of publication.
Similar transfers
This incident is not unique. After years of inactivity, a number of additional Ethereum ICO investors have surfaced in order to transfer their ETH holdings.
For example, on February 20, a different individual deposited 1,732 ETH into Kraken when the price of Ethereum exceeded $3,000.
A transaction involving the deposit of 3,000 ETH to Kraken was previously recorded on November 29, 2023, from an account that had previously received 20,000 ETH at Ethereum’s Genesis.
These shifts have taken many forms, ranging from significant deposits to exchanges akin to Kraken to diversification across several addresses.
Possible reasons
Realising gains is one of the most obvious motivations for these transactions. The value of the ETH held by early Ethereum investors who bought it at or close to its ICO price has increased dramatically. Since ETH is now much more expensive than when it first started, selling or moving these holdings might result in large gains.
For personal or professional purposes, people may also transact huge quantities of ETH to fulfil their liquidity demands. This might also be influenced by changes in technological upgrades or market sentiment.
Interestingly, the most recent address from the ICO timeframe was activated soon after the Dencun update. Through a considerable reduction in rollup transaction costs and an acceleration of blockchain activities, the update is anticipated to completely transform the network. By offering bigger data packets known as “blobs,” it might reduce the expenses associated with utilising popular rollups like Arbitrum, Optimism, and Starknet.
