A dormant Ethereum ICO wallet, inactive when ETH was $1, has been reactivated with 977 ETH worth $3.4M.
As anticipation for spot Ethereum ETFs grows, a dormant Ethereum ICO wallet has been reactivated after nine years. Whale Alert reports that this wallet, now holding 977 ETH, is worth approximately $3.4 million based on Ethereum’s current price of $3,490.25.
This wallet did not move during the period when Ethereum was at $1, which means that the holder made a huge profit. The reason behind this sudden activity is still unknown, but it fits into a new pattern where old crypto wallets are being activated.
Nine-Year Dormant Ethereum ICO Wallet Reawakens with $3.4M
Earlier this month, another Ethereum wallet that had been inactive since the ICO period was also activated, containing 6,000 ETH or $21.9 million at a price of $3,642.
While some may argue that such activities may be indicative of market exits, the Ethereum ecosystem is still healthy. The key metrics for Ethereum seem favorable, which is attributed to the expected approval of spot Ethereum ETFs.
ETH is trading at $3,400 and the trading volume has increased by more than 50% within the past 24 hours to $18.7 billion. The market capitalization of Ethereum is $419. 4 billion, keeping its place as the second largest cryptocurrency.
In the same way, there are indications that inactive Bitcoin wallets are also coming alive. In the past few days, a Bitcoin wallet that was last active more than 10 years ago came back online and showed that it has 25 BTC which is now worth $1.6 million, from $20,399 in 2013.
Another wallet from the same period indicates an increase of 10,419%, which proves that Bitcoin was profitable for early investors who did not spend their coins.
The return of old wallets and the expected launch of spot Ethereum ETFs are stimulating interest in the cryptocurrency market, with Ethereum demonstrating high performance and turnover.