According to Lookonchain and Onchain Lens, the address “0x60D…E932” transferred a total of 1,500 ETH to Kraken in two separate transactions early Wednesday morning. At today’s prices, the transferred ETH is worth roughly $6 million, ending the wallet’s long dormancy.

Participation in the Ethereum ICO and Early Purchase

The investor initially acquired 20,000 ETH for $6,200 during the 2014 Ethereum ICO, paying an average price of $0.31 per ETH. The ICO sold over 60 million ETH, raising approximately $18.3 million in total.

Early investor movements in the crypto space attract significant attention. Wallets that remain inactive for years and then make transactions provide key insights into investor psychology and market trends, particularly for major projects like Ethereum.

ICO Whales Reemerge in the Market

As Ethereum approaches new yearly highs, ICO participants are becoming active again. In August, another Ethereum ICO investor moved roughly $19 million in ETH to Kraken, later selling an additional 1,060 ETH. During the same period, a different ICO address transferred 2,300 ETH to Kraken.

Last month, a single ICO participant moved a total of 150,000 ETH to a staking address across three wallets. Such movements impact Ethereum market liquidity and demand, providing crucial indicators for price forecasts and investor behavior.

Key Highlights

• Early Ethereum investor acts after 8 years of inactivity.

• 1,500 ETH moved to Kraken, worth approximately $6 million.

• Originally bought 20,000 ETH during 2014 ICO; investment grew significantly.

• Other ICO whales also executed ETH transfers in August and September.

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A Look Back: Mining in the Early Days

Blockchain analysis firm Lookonchain pinpoints the origin of these Bitcoins to April 2010, a time when the mining reward for each block stood at a hefty 50 BTC (compared to today’s figure of a little over 6 BTC, soon to decrease further). The wallet remained largely inactive, receiving only a small, negligible amount of Bitcoin in 2020 (often referred to as “dust”).

A Sudden Stirring: The Funds Move On

However, things changed dramatically around 3:00 AM ET today. A transaction broke the silence, splitting the 50 BTC into two separate transfers: 17 BTC ($1.1 million) to one wallet and 33 BTC ($2.2 million) to another.

Destination: Exchange or Consolidation?

The 17 BTC went to a wallet with a history of quickly moving received funds onwards. This characteristic aligns with recipient wallets used by cryptocurrency exchanges. Supporting this theory, blockchain intelligence platform Arkham identified the receiving address as potentially linked to Coinbase. Further movement of these Bitcoins, likely combined with funds from other Coinbase wallets, suggests a possible exchange deposit.

The Mystery of the 33 BTC

The remaining 33 BTC were sent to a brand new wallet with no prior activity. While this might appear like a complete transfer, it’s possible the Bitcoins haven’t actually left the miner’s control. The Bitcoin blockchain requires all funds within a wallet to be moved during a transaction. Any unspent coins are sent back to the same wallet, albeit often under a new address for privacy purposes.

A Trend of Reawakening?

This incident follows a recent string of movements involving dormant Bitcoin. On March 23rd, the then-fifth-richest Bitcoin address shifted a staggering $6 billion worth of BTC to three new destinations. A week later, another wallet that had been inactive for nearly 12 years transferred its entire holdings of 500 BTC (valued at roughly $35 million at the time) to multiple new addresses.

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