According to U.Today, an Ethereum Foundation-linked wallet has reactivated after 6.6 years of inactivity. Blockchain analytics platform Lookonchain reported that the wallet transferred 92,500 ETH, valued at approximately $294.9 million, to a new wallet recently. This wallet had not seen any activity since it received the Ethereum from the Ethereum Foundation on September 1, 2015, shortly after Ethereum's launch on July 30, 2015.
Dormant wallets often attract attention due to the significant amounts of cryptocurrency they hold and the potential market impact of their movements. However, the exact reasons behind this transfer remain unclear, and the market reaction has been neutral. Typically, a move to crypto exchanges might imply selling, which could be bearish, but this does not appear to be the case here.
The broader cryptocurrency market showed resilience on Thursday, with major cryptocurrencies like Bitcoin and Ethereum maintaining gains. Bitcoin rose 4.58% in the last 24 hours to $67,166, while Ethereum increased by 2.1% to $3,243, according to CoinMarketCap data. Despite recent market volatility and significant losses in the broader financial markets, the crypto market has shown signs of recovery, although investor sentiment continues to fluctuate between risk-on and risk-off.
