Ethereum Dormant Whale Moves 10,000 ETH As Price Crosses $3,800

Vignesh Karunanidhi
Ethereum Dormant Whale Moves 10,000 ETH As Price Crosses $3,800

An Ethereum whale who has been inactive for over 3 years recently woke up and moved $38.5 million worth of ETH as prices crossed $3,800.

According to on-chain analytics provider Spot On Chain, the whale address, identified as 0xd98, transferred around 10,000 ETH (~$38.5 million) to cryptocurrency exchange Bitfinex a few hours ago.

This transaction marks the first on-chain activity from the address since January 2021, when the whale had withdrawn 110,000 ETH worth around $153 million at the time.

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Between the withdrawal and the latest transfer, 0xd98’s stash sat dormant through Ethereum’s meteoric rise and subsequent bear market for over 36 months.

Ethereum Dormant Whales Make Return Near Record Highs

Intriguingly, 0xd98 chose to move a fraction of its ETH holdings for the first time just as Ethereum revisited its former pre-crash levels in 2021. On March 1st, ETH briefly reclaimed $3,900 for the first time since May 2021.

The timing indicates the whale likely took notice of Ethereum’s resurgence and may anticipate even higher prices ahead. With the majority of its balance still intact during dormancy, the address could have accrued massive profits on its early accumulation.

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Spot On Chain estimates 0xd98’s original ETH withdrawal of 110,000 coins at $1,386 per ETH would now hold around $385 million at current prices. Factoring in the recent 10,000 ETH transfer, the whale likely secured $270 million in profits—a 177% return amidst multi-year dormancy.

Of course, on-chain data can’t reveal intent, but the reawakening of this sleeping giant hints that long-term crypto believers may anticipate Ethereum retesting highs. 

ETH has surged from a 24-hour low of $3,360 to a high of $3,896 before falling to its current price of $3,856.