'630,000% Profit' Ethereum Wallet Ends 10-Year Silence..."Sell-off fears rise if deposited to an exchange"

▲ Ethereum (ETH) Whale

An early Ethereum (Ethereum, ETH) wallet that had been dormant for over 10 years has awakened with a profit margin close to 630,000%, increasing market tension over the possibility of long-term holders selling off their assets.

According to Bitcoinist on May 27 (local time), on-chain tracking service Whale Alert announced that an Ethereum wallet that had been inactive for approximately 10.8 years has reactivated. This wallet held 2,000 ETH, which was valued at around $620 in 2015, and its current value exceeds $4.2 million. This represents a gain of nearly 630,000%.

Bitcoinist classified this address as a 'premine' address, which received tokens before the public launch of the Ethereum network. A premine address refers to a wallet allocated to pre-sale participants or early contributors in 2014. This wallet had no significant transaction history for over 10 years, apart from the initial deposit received at the time of blockchain creation.

This activation began with a small transaction, moving 1 ETH. Bitcoinist explained that this transaction was likely a test transfer. Subsequently, the wallet continued with additional transactions, moving 1,997.9 ETH, emptying most of its holdings. However, since this Ethereum has not yet been moved to a centralized exchange, it remains unconfirmed whether the holder intends to sell.

Possible interpretations regarding the sudden movement of the old wallet are divided. Bitcoinist explained that such long-dormant addresses often result from lost or forgotten wallets rather than firm long-term holding strategies. An analysis suggests that access to the wallet may have become possible recently after the private key was rediscovered. Conversely, if it was indeed a long-term holding strategy, the investor would be a rare ultra-long-term holder in the digital asset market, it added.

The price of Ethereum attempted to recover after falling to around $2,000 a few days ago, and at the time of writing, it was trading around $2,130. Bitcoinist reported that the price of Ethereum has generally been in a sideways trend recently. The movement of a large early wallet's holdings, even if a sell-off is not confirmed, has emerged as an on-chain variable that investors cannot help but watch during a bearish period.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*