Dormant Ether Wallet Converts to $4.19M in Stablecoins

Another dormant Ethereum address has woken up from a slumber after four years. The wallet received approximately 2,594 ETH on November 27th, 2018, worth at the time $285,836.

In recent weeks, several whale addresses, which were previously inactive, had been waking up. This coincided with a slight positive change in the crypto market after weeks of slugging movement. Ethereum surged by a modest 3% over the past week, currently trading above $1,635.

• According to data from blockchain intelligence platform PeckShield, the owner of the wallet address has already swapped 2,555 ETH for nearly $4.19 million worth of stablecoins. This included 965.78K USDT and 3.22 million DAI.
• During the same period, another whale that had been dormant for two years woke up four days ago and transferred 10K ETH (worth around $16.5 million) out.
• The wallet address then deposited 10K ETH (worth around $16.5 million) to Binance, OKX, and KuCoin via three addresses in the past four days. Data from Lookonchain revealed that the last transfer worth the same amount was made on September 19th.
• Yet another significant Ethereum whale initiated the process of liquidating their ETH holdings.
• Interestingly, this particular one had participated in the initial Ethereum token offering (ICO) back in 2014 and received a total of 254,908 ETH, which is now valued at approximately $422.6 million.
• Out of this stash, the owner has recently deposited 6,000 ETH into the Kraken exchange, amounting to roughly $10 million in current value.
• It’s noteworthy that when these Ethereum coins were initially acquired in 2014, each was worth a mere $0.31.
• In addition to Ethereum addresses waking up, Bitcoin wallets also saw a similar resurgence.
• One such received the stash of Bitcoin on October 19, 2017, when the flagship crypto was valued at roughly $11.8 million.
• The BTC holdings have since surged to over $56 million, marking a significant return on investment.