The Historical Ethereum Whale Awakens! ETHs are Moving to the Stock Exchange!

The re-activation of a major Ethereum (ETH) wallet that has been inactive for over seven years has sparked interest in the cryptocurrency market. According to Whale Alert, the wallet transferred 7,900 ETH worth $16.4 million to an exchange, possibly for sale. Here are the details…

Ethereum whale takes action after Shapella

According to Whale Alert, which provides data on cryptocurrencies, a major Ethereum wallet that has been inactive for over 7 years has been reactivated. The wallet, which was active during the most recent Ethereum ICO, transferred 7,900 ETH worth $16.4 million to the Kraken exchange, possibly for sale. Users joked that the wallet belonged to Vitalik’s sister and that the owner finally found his keys.

The wallet’s re-activation came shortly after the highly anticipated Shapella upgrade was activated on the Ethereum Blockchain. cryptocoin.com As we have also reported, Shapella led to an increase in the value of ETH. ETH reached $2,000, a local high not seen since the previous year. The Shapella upgrade enabled the withdrawal of ETH, while the Shanghai and Capella integrations made it easier to deposit ETH. Shanghai allowed stakers to withdraw Ethereum from the Beacon Chain deposit contract, while Capella helped transition the Ethereum chain to a proof-of-stake consensus protocol.

Funds went to Kraken

Following the Shapella upgrade, some of these ETHs went to Kraken during a recent transaction. The awakened whale sent 5001 ETH to the Kraken exchange. At the time of the transaction, the value of ETH was $2,068. The Shapella upgrade went live on April 12 and resulted in the withdrawal of more than $1 billion worth of ETH and various network upgrades. ETH price also surpassed the 2.100 level for the first time in months. Concerns were raised that allowing ETH to withdraw, which has been locked for almost two years, could trigger a significant price drop, but the opposite has been the case.

Increased volume of ETH transfers observed

IntoTheBlock reported that the volume of major Ethereum transfers increased significantly during the activation of Shapella this week. At the beginning of the week, the largest transfer involved 708,000 ETH. But on Thursday, whales moved 2.2 million ETH. After the upgrade was activated, more than $100 million in ETH was withdrawn from the deposit contract and some whales deposited Ethereum on the Beacon chain. The reactivation of the idle Ethereum wallet may be an indication of the increasing interest of investors in cryptocurrencies. Moreover, enabling the Shapella upgrade made it easy to deposit and withdraw Ethereum.

However, while the increase in cryptocurrency investments is a positive sign for the market, it has also raised concerns about the potential for increased volatility in the market. Time will tell how ETH and the crypto market will behave in the coming period.

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