An Ethereum Foundation-related wallet reawakens after 7 years of dormancy, moving 92,500 ETH worth $290M to a new address.
A significant Ethereum whale recently reawakened after seven years of inactivity, moving 92,500 ETH valued at $290 million. According to Chinese reporter Colin Wu, the transfer occurred on July 25 at 23:39 UTC+8 from address 0x0d…ecf4 to a new address 0xe4…328C.
0x0d…ecf4 transferred about 92,500 ETH worth $290 million to the new address 0xe4…328C at 23:39 UTC+8 on July 25. The funds originated from the transfer of the address 0xe9…1e94 marked by Arkham, which may be the Ethereum Foundation, on May 9, 2017. https://t.co/2964kDcDK0
— Wu Blockchain (@WuBlockchain) July 26, 2024
Notably, blockchain surveillance platform Lookonchain confirmed this report, with both disclosures linking the sending address to the Ethereum Foundation.
The fund transfer originated from address 0xe9…1e94, also identified by Arkham as possibly linked to the Ethereum Foundation. The recipient address, which recently awakened saw its first transaction on Dec. 21, 2017. In this transaction, the address received 92,401 ETH worth $75.11 million at that time. A subsequent transaction saw it receive an additional 99.189 ETH worth $80.63K.
This brought the cumulative received funds to 92,499 ETH. Calculating the profit from the 92,499 ETH transfer reveals a substantial gain, with the current value being approximately $283.5 million, resulting in a profit of over $215 million.
Fluctuations in Profit and Loss Trends
Examining the Profit and Loss (PnL) trends of the address 0x0d…ecf4, we observe periods of significant fluctuation. From 2019 to 2020, the cumulative PnL remained relatively flat with minor fluctuations. However, late 2020 saw a noticeable upward trend, indicating significant gains.
The year 2021 marked the first peak in cumulative PnL, followed by a correction. Another peak occurred in 2022, reflecting market volatility. Late 2022 to early 2023 showed recovery and stabilization, with moderate gains.
In 2023-2024, there was a substantial rise in cumulative PnL, reaching new highs before experiencing a slight correction in mid-2024, when the address decided to withdraw.
Holdings Distribution and Related Transfers
To contextualize this whale activity, it’s crucial to examine the ETH holdings distribution. According to data from IntoTheBlock, as of July 8, 2024, 122.34 million addresses held ETH, with only five addresses holding more than 1 million ETH.
The whale’s recent transfer of 92,401 ETH likely places it in the 10k – 100k ETH category, which consists of only 1.01k addresses. This substantial transfer reduced the number of holders in this range.
Furthermore, recent activities from the Ethereum Foundation wallets add context. On July 17, two Foundation and ICO-related wallets transferred 3,631 ETH valued at $12.5 million to Kraken. One wallet offloaded 2,631 ETH ($9.01 million) and had previously deposited 17,886 ETH ($65 million) since June 8.
Another wallet transferred 1,000 ETH ($3.46 million) to Kraken, originating from an ICO participant who received 100,000 ETH at Ethereum genesis in 2015. Despite these transactions, the ICO participant retains 49,000 ETH valued at $171 million across four wallets.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
