Dormant Ethereum Wallets Transfer Millions in ETH Amid ETF Trading Approval

Several long-dormant Ethereum wallets have suddenly moved substantial amounts amid ETH ETF trading approval. These wallets, belonging to early investors

Several long-dormant Ethereum wallets have sprung to life, transferring millions of dollars worth of ETH amid the recent approval of an Ethereum ETF (exchange-traded fund) trading on the New York Stock Exchange. These wallets, belonging to early investors from Ethereum’s Initial Coin Offering (ICO) era, have begun shifting large sums of cryptocurrency to new wallets and exchanges.

Dormant Wallets Transfer Millions in ETH

According to on-chain analytics platform Spot On Chain, two whale movements, totaling 3,631 ETH (approximately $12.5 million at current prices), were observed heading to the Kraken exchange.

One of the wallets, identified as 0xdb3, which has ties to both the Ethereum Foundation and early ICO participants, has been particularly active since June 8. It moved 17,886 ETH ($65 million) to various centralized exchanges.

Another whale, wallet 0xbf5, is noted to have moved 1,000 ETH ($3.46 million) in a separate transaction. This wallet, which belongs to an ICO participant from 2015, still holds 49,000 ETH, valued at around $171.2 million.

While the precise reason behind these large ETH movements from early investors is not explicitly stated, the recent approval of the ETH ETF is likely a contributing factor. The approval marks a significant milestone for Ethereum, providing greater accessibility and liquidity for the cryptocurrency in traditional financial markets.

As these large ETH transactions continue to be monitored, they could offer insights into the behavior of early ICO investors and the broader market dynamics surrounding Ethereum.

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