After laying dormant for almost nine years, a pre-mine address containing approximately $21 million worth of Ethereum (ETH) has suddenly come alive.
$22M Locked in The Dormant Address
Data from the blockchain analytics tracker Whale Alert shows that the address in question contains 6,000 ETH.
💤 💤 💤 A dormant pre-mine address containing 6,000 #ETH (21,962,887 USD) has just been activated after 8.9 years!https://t.co/HlrVyVZ7D6
— Whale Alert (@whale_alert) June 7, 2024
Ethereum is currently trading at $3,672.37 after losing 2.96% of its value in the last 24 hours. At this value, the cryptocurrency in this wallet is worth $22.06 million. Upon reactivating the account, the holder performed two separate transactions which involved the transfer of 1 ETH to different addresses.
The rationale behind the sudden revival of the wallet after such a long time remains a mystery. However, it is worthy of note that Ethereum price made a major comeback some days ago, weeks after the United States Securities and Exchange Commission (SEC) approved eight applications for spot Ethereum ETFs. The proposed rule change is yet to commence trading but its impact has ran through the crypto industry.
Markedly, the price of the second largest cryptocurrency by market capitalization jumped by a sizable percentage. It even went as high as $4,000 immediately the SEC announced its decision on the crypto ETF product. This new outlook of Ethereum could have prompted the sudden desire by the pre-mine whale to revisit the account.
DBS Bank Ranks Among top Ethereum Whales
In another news, Singapore’s largest financial institution DBS Bank was identified as a major Ethereum (ETH) holder, per insights from on-chain analytics firm Nansen.
The platform claims that DBS holds as much as 173,753 ETH, valued at approximately $650 million. It turns out that the account in question has made over $200 million from its Ethereum holding.
With such a huge holding, the Singaporean Bank could be described as an “Ethereum Whale”, the tag given to entities or individuals that possess large amounts of Ethereum crypto.
Overall, such massive ETH holding for a traditional bank reflects the lucrative nature of DBS’s cryptocurrency investments. It also underscores the increasing integration of traditional finance and decentralized technology.
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