This Ethereum Wallet Has More ETH than Vitalik: Active After 2 Years

Paigambar Mohan Raj
Source: Bitcoinist

According to Lookonchain, an Ethereum (ETH) whale wallet has awakened after two years. As per the Tweet, the whale holds a massive 720K ETH tokens, worth an eye-watering $817 million. According to the analyst, the holdings exceed that of Ethereum co-founder Vitalik Buterin.

However, the movements did not threaten other investors as it was isolated within the wallets belonging to the whale. Flow of funds into exchanges might have caused a stir in the Ethereum community.

Why did the Ethereum whale move his holding?

The analyst did mention that the wallet was dormant for two years. This means that the whale purchased its ETH either at the $500 level or lower, meaning that it is still very much in the money.

However, the recent dumping of ETH by the FTX “hacker” caused some panic, leading to the token dropping by up to 7%. Furthermore, ETH is getting closer and closer to the $1k mark, which many investors are concerned about. The whale might be anticipating a large drop in ETH’s value and preparing for the same.

However, it is also possible that the whale is simply organizing its funds among its wallets. Maybe nine wallets got a little too many to keep track of. Regardless, the tokens have not moved to an exchange, which is a positive sign that the whale is not considering dumping its holdings.

On the price side of things, ETH continues to take a beating, along with every major crypto project. At press time, Ethereum was trading at $1,121.60, down by 4.1% in the last 24 hours. In the last two weeks, ETH has dropped by up to 28.7%. Moreover, the token has fallen by up to 77% from its all-time high of $4,878.26, attained on November 10th, 2021.