A long-dormant Ethereum (ETH) whale abruptly came to life over the weekend as the crypto markets continued to struggle.
According to blockchain tracker Lookonchain, the Ethereum address moved 10,266 ETH worth about $16 million in two transactions early Sunday morning.
The wallet obtained the ETH via mining in 2017 and hadn’t been active in more than five years before the latest transactions.
In a series of subsequent transactions, the Ethereum trove bounced around and split up into a flurry of different unknown addresses, but 1,322 ETH worth about $2 million did get eventually sent to the crypto exchange Poloniex, Lookonchain reports.
The previously dormant Ethereum wallet now holds only 1.25 ETH worth nearly $2,000.
Ethereum is worth $1,578 at time of writing. The second-ranked crypto asset by market cap is up 0.87% in the past 24 hours but down more than 3% in the past week. Ethereum is also more than 67% down from its all-time high of $4,878, which it hit in November 2021.
In terms of other interesting whale movements, Lookonchain reports that a crypto whale purchased 28,762 GMX worth $1.9 million and 59,064 Gains Network (GNS) worth $420,000 from the crypto exchange Binance.
The address then staked its newly purchased GMX and GNS, which Lookonchain says is indicative of the whale’s bullishness on the Arbitrum ecosystem and decentralized derivatives projects.
GMX and and Gains Network are both decentralized derivative exchanges.
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Generated Image: Midjourney