Over the past few years, several dormant wallets containing large and small chunks of Ethereum and Bitcoin have been reactivated. Many factors can lead to the reactivation of dormant wallets. One common occurrence is when the wallet’s owner unintentionally forgets about it over time, which in many cases may be true.
Recently, a post by a cryptocurrency tracker named Whale Alert observed that an ancient Ethereum whale, inactive for 8.1 years since the Ethereum ICO in July 2014, contained 185 ETH, worth around $302,096. Ethereum’s blockchain also played a crucial role in launching other blockchains like EOS and TRON, as well as hosting native tokens for major exchanges such as Binance, WazirX, and many others.
The blockchain analytics platform Lookonchain recently shared a screenshot from Etherscan, which is a blockchain explorer and analytics platform for Ethereum. Upon examining the screenshot, it became evident that a whale, which had remained dormant for the past two years, deposited 6,087 ETH, equivalent to approximately $10.4 million. It was also observed that the whale’s last transaction occurred 758 days ago when 2,913 ETH were transferred to the Kraken cryptocurrency exchange.
Recently, in a report by Todayq News on July 22, 2023, it was observed that a dormant wallet containing 1,037 BTC, valued at $31 million, was reactivated after 11.3 years, and the owner’s identity remains unknown.
Beyond the excitement surrounding dormant wallets, Ethereum (ETH) holders are confronting new challenges in the ever-volatile crypto landscape. According to data from on-chain analytics firm Intotheblock, as of September 4, 2023, the percentage of ETH holders experiencing losses has surged to 44.2%. This marks a significant increase from just two months prior when the figure stood at approximately 27%. The noticeable shift in these percentages has raised concerns within the crypto community about the current state of the Ethereum market.
Simultaneously, data from Intotheblock’s on-chain analytics platform has revealed a noteworthy trend of substantial outflows from centralized exchanges (CEXs) in the Ethereum ecosystem. In the past week alone, an impressive $380 million has exited these platforms, with approximately $1.5 million withdrawn over the last month. This ongoing trend underscores a growing preference among investors to hold their assets in decentralized wallets, perhaps influenced by concerns about security and control.