Ancient Ethereum Whale Comes to Life, Transfers 10,266 ETH – Here’s Where the Crypto Is Going

An Ethereum (ETH) whale that had been resting for a very long time suddenly resurfaced over the weekend, despite the fact that the cryptocurrency markets continued to suffer. According to the blockchain tracker Lookonchain, the Ethereum address was involved in two transactions early on Sunday morning that transferred a total of 10,266 ETH worth around $16 million.

The Ethereum that was stored in the wallet was mined in 2017, but until these most recent transactions it had been inactive for more than five years.

According to Lookonchain’s findings, 1,322 ETH, worth approximately $2 million, was eventually sent to the cryptocurrency exchange Poloniex after a series of subsequent transactions caused the Ethereum hoard to be dispersed across a flurry of different unknown addresses. Despite this, the hoard did eventually make its way to Poloniex.

The Ethereum wallet that had been idle for some time now only has 1.25 ETH, which is worth close to $2,000 in total.

At the time of this writing, one ether may be purchased for $1,578. The second-ranked cryptocurrency asset as measured by market size has seen a gain of 0.87% over the previous 24 hours but has had a loss of more than 3% over the course of the past week. Moreover, Ethereum is now trading at a price that is more than 67% lower than its all-time high of $4,878, which it reached in November of 2021.

In terms of other notable whale activities, Lookonchain reveals that a crypto whale acquired 28,762 GMX from the cryptocurrency exchange Binance for a total value of $1.9 million and 59,064 Gains Network (GNS) for a total value of $420,000.

After that, the address staked its recently acquired GMX and GNS, which Lookonchain interprets as evidence of the whale’s optimism for the Arbitrum ecosystem and decentralized derivatives initiatives.

Both GMX and Gains Network are examples of decentralized exchanges for the trading of derivatives.