Massive 11,104 ETH Transfer from 8-Year Dormant Wallet Sparks Excitement in the Ethereum Market

In a notable development within the cryptocurrency sector, data from Onchain Lens reveals a dormant Ethereum address, inactive for eight years, has recently executed a substantial transaction involving 11,104 ETH, translating to approximately $19.97 million. This transaction saw an allocation of 247.93 ETH directed towards Coinbase, while the majority, comprising 10,856 ETH, was moved to a newly established wallet. Historical data indicates that the original activity from this address included withdrawals amounting to $2.51 million from major exchanges like Kraken and Gemini eight years prior. With today’s market conditions, this shift reflects a remarkable profit of $17.45 million for the address holder, underscoring both the potential asset appreciation in the cryptocurrency market and the strategic maneuvers by long-term investors.