Dormant Ethereum Whale Moves $145 Million to Gemini After Nine Years

TLDR

• A dormant Ethereum whale moved 50,000 ETH worth $145 million to Gemini exchange after nine years of inactivity
• The wallet originally withdrew 135,000 ETH from Bitfinex in 2017 when it was worth just $12.17 million
• Following the transfer, the address still holds approximately 85,283 ETH valued at around $244 million
• The wallet has been inactive since 2017 and received its initial Ether allocation over nine years ago
• Transfers to exchanges like Gemini are often seen as preparation for selling, though other reasons are possible

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A long-dormant Ethereum wallet has come back to life after roughly nine years of inactivity. The address transferred 50,000 ETH worth about $145 million to Gemini exchange on Sunday.

The wallet “0xb5…Fb168D6” first moved 25,000 ETH earlier in the day. Hours later, it sent another 25,000 ETH, according to blockchain analytics provider EmberCN using data from Arkham Intelligence.

The address has been inactive since 2017. That year, it withdrew roughly 135,000 ETH from Bitfinex exchange. At the time, these holdings were valued at about $12.17 million as ether traded near $90 per coin.

Following the latest transfers, the wallet still holds approximately 85,283 ETH. This remaining balance is currently worth around $244 million at current prices.

The timing places the wallet owner among Ethereum’s earliest participants. The address received its initial Ether allocation over nine years ago, likely from mining or the 2014 initial coin offering.

Nine Year Dormancy Period

The extended period of inactivity suggests a holder with exceptional patience. Most early crypto investors either sold during previous market cycles or actively traded their positions.

Dormant whale movements are rare events in blockchain history. When they occur, they often trigger increased market attention and analysis.

The nine-year gap between transactions is particularly unusual. It demonstrates a long-term holding strategy rarely seen in volatile cryptocurrency markets.

In cryptocurrency markets, transfers from private wallets to centralized exchanges are commonly interpreted as preparation for selling. Exchanges provide the liquidity needed to convert digital assets into fiat currency or other cryptocurrencies.

However, other explanations exist for the transfer. The whale may be using exchange custody services for security reasons. Some institutional investors also use exchange platforms for lending products or collateral management.

Recent Whale Activity Patterns

This move coincides with recent whale activity in Bitcoin markets. Last week, a Bitcoin wallet inactive for 13 years moved roughly 909 BTC worth about $84 million to a new address.

The pattern suggests some early cryptocurrency holders are becoming active again. Whether this represents coordinated selling or independent decisions remains unclear.

Market analysts monitor exchange inflow metrics as key sentiment indicators. Large sudden inflows often correlate with cautious short-term outlooks from major holders.

The transaction was confirmed on the Ethereum mainnet. Despite the massive value transferred, the gas fee was relatively small compared to the transaction size.

This efficiency demonstrates Ethereum’s current network capabilities. Post-Merge upgrades have improved scalability and reduced transaction costs for large transfers.

The public blockchain allows anyone to verify the transaction details. The wallet’s entire history, balance, and interactions are visible to all network participants.

Ether extended its recent decline following the news. The cryptocurrency fell 2.8% over 24 hours to $2,859 at time of reporting.

The decision to move only a portion of holdings suggests a measured approach. The whale transferred roughly 37% of their total ETH balance while keeping the majority in their original wallet.

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