An Ethereum whale wallet that participated in the genesis initial coin offering (ICO) and earned around 150,000 Ether (ETH) in 2014 was reactivated on August 14 after three years of dormancy.
The whale address transferred 145,000 ETH to various wallets as the price of Ether rose to a three-month high of over $2,000. The transfers were made in batches of 5,000 ETH, with some transfers exceeding 10,000 ETH. The total value of Ether transferred is more than $280 million, and the wallet address currently has a balance of 0.107 ETH.
The transfer of 145,000 ETH is only the second time the whale wallet has been activated since the ICO, the first in July 2019 when it sent 5,000 ETH to the Bitfinex exchange when Ether was trading at $219, with a transaction worth just over a million. dollar.
The movement of a large amount of ETH has caught the attention of the public, with many claiming that it could be spent before Merger – the official transition from the current proof-of-work-based blockchain to a proof-of-stake one. However, it is important to note that most transactions for wallets are known rather than exchanges.
Even though the pope finally decided to dump 145,000 ETH, the $250 million selling pressure was not considered significant enough to start the market dump. Some others believe that the whale may be trying to sell ETH to become a validator in the PoS network and generate passive income.
Maybe sell the 5000th to run 5000 nodes in the future?
— Gary R (@bucko4aFREEusa) August 15, 2022
The transition of Ethereum to the proof-of-stake network is scheduled for September 15th, after its success join from testnet Goerli to the Beacon Chain (PoS chain activated in 2020), the last exercise before the official transition.
The merger is considered one of the most important upgrades since the start of Ethereum in 2015. The three-phase transition process began in 2020, and after some delays and testnet integration, Ethereum is ready for the official transition to PoS in the third week of September.