- Ethereum’s price increases nearly 6%, reaching a high of $3,110, reversing previous downturns during the latest trading session.
- The reactivation of these wallets coincides with the pending decision on an Ethereum spot ETF, raising intriguing market questions.
In recent developments, Ethereum wallets from the early days of the cryptocurrency, linked to co-founder Vitalik Buterin, have been activated amid a sharp increase in ETH prices. These wallets have transacted 200 ETH, valued at approximately $600,000, sending the funds to a U.S.-based cryptocurrency exchange, Kraken.
The story traces back to nine years ago when an address identified as “0x5eD” first transferred funds to Buterin’s wallets. Only two days after this initial transaction, 2,000 ETH moved from “0x5eD” to another wallet known as “0x2FE.” These funds sat untouched for almost a decade before being moved to a third address, “0x9D2.”
The narrative took a new turn recently when “0x9D2” moved 200 ETH into Kraken. This transaction occurred just as Ethereum’s price began to see significant movement. The price of Ethereum has risen nearly 6% in today’s trading session, hitting a peak of $3,110 over the last week and a half. This rally nearly reverses the downturn observed in the preceding nine days.
This flurry of activity comes just as the crypto community is on edge with the pending decision on an Ethereum spot ETF, the first of its kind for altcoins, expected in less than a week. The reasons behind these ancient wallets becoming active at a time when Ethereum’s price is climbing, and right before a critical ETF decision, raises questions within the crypto sector.
The precise motives for moving these funds at such a critical juncture remain unclear, but the timing is undoubtedly striking. The reactivation of these long-dormant wallets and their transactions are closely watched by market analysts and participants, who are eager to understand the implications of these moves on Ethereum’s market.
