A pre-mine Ethereum address that had sat untouched for nearly 11 years was activated this week, moving 10,000 ETH currently valued at roughly $22.8 million. When the coins were first deposited in 2015, the entire holding was worth around $3,100 — a return of roughly 7,000x at today's prices.
Dormant pre-mine activations are watched closely by the market because early holders sitting on outsized gains can represent latent sell pressure. Whether this wallet moves the ETH to an exchange or simply consolidates it on-chain will be the next data point to watch.
Frequently asked questions
-
What impact could this dormant Ethereum address activation have on the market?
The activation of dormant pre-mine addresses can create sell pressure if the holder decides to move the ETH to an exchange, potentially affecting market prices.
-
What was the original value of the 10,000 ETH when it was deposited?
When the 10,000 ETH was deposited in 2015, it was worth around $3,100.
Lookonchain
CoinDesk
Crypto News
TheBlock