Ethereum
Old Ethereum Wallets Unload Lots of ETH Amid Major Price Breakout
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In an eye-catching development, old wallets linked to Vitalik Buterin, the co-founder of Ethereum (ETH)have resurfaced amid the current ETH price surge.
Reports indicate that 200 ETH, the equivalent of $600,000, from the very wallets that once funded Buterin’s projects, was recently attributed to a transaction with US-based cryptocurrency exchange Kraken.
The saga began nine years ago when an address known as “0x5eD” initially funded Vitalik Buterin’s wallets. Just two days after this historic transaction, a substantial amount of 2,000 ETH was quickly transferred from “0x5eD” to another address labeled “0x2FE”. Remarkably, these ETH holdings remained dormant in “0x2FE” for almost a decade, until they were abruptly sent to “0x9D2”.
The most recent twist in this enigmatic tale unfolded just a few hours ago, when “0x9D2” filed 200 ETH back in Kraken.
Ethereum (ETH) Price Outlook
The timing of these transactions is particularly notable, occurring against the backdrop of a significant uptrend in the price of ETH.
ETH to USD by CoinMarketCap
During today’s trading session, the Ethereum price is up almost 6%, hitting a high of $3,110 over the past week and a half. It is important to note that over the past three days, price action has almost completely reversed the decline of the previous nine days.
As a reminder, the deadline to accept or reject an Ethereum spot ETF is coming in less than a week and is the first of its kind among altcoins.
Why are the old wallets associated with the founders of Ethereum are sending tokens to the exchange as the price of ETH rises, and this is all happening a week before the Ethereum ETF decision, is perhaps the biggest question in the crypto world right now .
About the Author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management.
He wants to participate in covering economic and financial technology topics, as well as making more people aware of cryptocurrencies and blockchain.