An Ethereum initial coin offering participant who has been dormant for nearly nine years has transferred a whopping 2,000 ETH out of their wallet. This sum is currently valued at approximately $6.7 million, according to blockchain sleuthThis event is not isolated. Several other Ethereum ICO participants have reemerged after years of dormancy to move their ETH holdings.
For instance, on Feb. 20, another participant deposited 1,732 ETH to Kraken following Ethereum's price surge past $3,000. Earlier, on Nov. 29, 2023, a transaction involving 3,000 ETH deposited to Kraken was recorded from an account that received 20,000 ETH at Ethereum's Genesis.One of the most straightforward reasons for these transactions is the realization of profits. Early investors in Ethereum who purchased ETH at or near its ICO price have seen the value of their holdings increase exponentially.
Individuals may also transact large amounts of ETH to meet liquidity needs for personal or business reasons. Market sentiment and even technical upgrades might also play a role in this.. The upgrade is expected to revolutionize the network by significantly reducing rollup transaction fees and accelerating blockchain operations. It could lower the costs associated with using popular rollups like Arbitrum, Optimism and Starknet by introducing larger data packets known as"blobs.
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