Unknown address dormant for more than five years moves 10,266 ETH

An address that had been dormant for more than five years moved 10,266 ETH (~$16 million at the time of writing). Lookonchain experts noted this.

An address that has been dormant for more than 5 years transferred 10,266 $ETH ($16M) out.

The 10,266 $ETH was obtained through mining in 2017.

Among them, 1,322 $ETH ($2M) was transferred to #Poloniex.https://t.co/hsXiBh5iS2 pic.twitter.com/7L1nkx6Fe6

— Lookonchain (@lookonchain) March 6, 2023

The whale sent the funds to another address, from which they were subsequently distributed across five wallets. Meanwhile, 2,500 ETH (~$3.9 million) was transferred by him to the Poloniex crypto exchange.

The user accumulated these funds in 2017 when the asset traded around $370. As of writing, Ethereum trades above $1,560.

By the end of February, the share of Ethereum’s total supply held by whales reached 39%. According to IntoTheBlock, the rise in concentration among large holders is linked to the network’s transition to the Proof-of-Stake algorithm with the possibility of staking.

Ethereum developers set the activation date for the Shanghai-Capella (Shapella) hard fork on the mainnet for around mid-April.