It’s been four years since the Ethereum network saw a major transaction. Recently, however, a mysterious wallet suddenly became active and transferred 22,982 ETH worth $5.5 mln to other wallets before moving them to Binance. The transfer is noteworthy because it marks the start of what could be an active period for Ethereum in terms of adoption as well as security issues such as mining centralization or 51% attacks on its blockchain due to several factors including rising hashrate and block time which both have an impact on its security standards.
Ethereum Dormant Bull Activated After Four Years
The network of Ethereum has seen a massive transfer of almost 23,000 ETH worth $5.5 mln after four years of absence. A transfer of 22,982 ETH ($5.5 mln) was recorded by news outlet The Block after an unknown wallet suddenly became active. The coins were transferred to several other wallets and then moved to the exchange Binance.
The transaction was made by an address that had been inactive for nearly four years and appears not to be controlled by any known project or person. It’s unclear why the funds have been frozen for so long or who has control over them right now, but it is worth noting that Ethereum did not move in parallel with Bitcoin during its recent decline—meaning this could be caused by someone selling their own holdings without moving into fiat currency first (which would cause a large drop in price).
For now, it seems that the bulls have regained their confidence after four years of absence. The market has reacted accordingly, with the price of the digital currency reaching a new high at $434.07 per token and then trading near $425.