The ETH tokens in question were discovered transferring 13,103.99 ETH and 9,878 ETH from trading platforms Genesis and Poloniex, respectively.
In times of bear market uncertainty, crypto investors frequently stick with Bitcoin and Ethereum to avoid temporary losses. As a result, the significant movement of such assets piques the interest of the community, which attempts to decipher the intent behind the move.
Two addresses that had been dormant for over four years recently resurfaced to transfer 22,982 ETH to new addresses, leaving investors perplexed. The ETH tokens in question were discovered transferring 13,103.99 ETH and 9,878 ETH from trading platforms Genesis and Poloniex, respectively.
Peckshield, a blockchain investigator, discovered that the last movement of the ETH tokens in question occurred in October 2018, when the price of ETH ranged roughly between $190 and $230. The asset was valued at nearly $1,200 per ETH on the day of the transfer.
The above flowchart depicts the historical movement of assets and how they travelled from trading platforms to new addresses over time. While no specifics have been revealed at the time of writing, the community speculates that it relates to project funding collateral.
Ethereum was the brainchild of co-founders Vitalik Buterin and Charles Hoskinson, and it went into circulation in July 2015, establishing itself as a reliable investment over the years.
Since the completion of the Merge upgrade, the network’s energy consumption has been reduced by 99.9%.
As a result of the switch to a proof-of-stake (PoS) consensus mechanism, the Ethereum network now has a carbon footprint of 0.1 million tonnes of CO2 (MtCO2) per year.
