Ancient Ethereum Wallets Unload a Lot of ETH Amid Major Price Breakout

In an eye-catching development, ancient wallets connected to Vitalik Buterin, the cofounder of Ethereum (ETH), have resurfaced amid the current surge in ETH prices.

Reports indicate that 200 ETH, equivalent to a staggering $600,000, originating from the very wallets that once funded Buterin's ventures, have recently been traced to a transaction with the U.S.-based cryptocurrency exchange, Kraken.

The saga began nine years ago when an address known as “0x5eD” initially funded Vitalik Buterin's wallets. Just two days after this historic transaction, a substantial amount of 2,000 ETH was swiftly transferred from “0x5eD” to another address labeled “0x2FE.” Remarkably, these ETH holdings remained dormant within “0x2FE” for nearly a decade, until they were abruptly sent onward to “0x9D2.”

200 ETH ($600K) from the address that originally funded Vitaliks wallets has just been sent to Kraken.

0x5eD, after funding Vitalik's wallets 9 years ago, sent 2,000 ETH to 0x2FE - only 2 days later.

This ETH was held for 9 years in 0x2FE before being sent on to 0x9D2, an… pic.twitter.com/Ytq0FcSX2K

— Arkham (@ArkhamIntel) May 17, 2024

The most recent twist in this enigmatic narrative unfolded mere hours ago, when “0x9D2” deposited 200 ETH back into Kraken.

Ethereum (ETH) price outlook

The timing of these transactions is particularly noteworthy, occurring against the backdrop of a significant uptrend in the price of ETH.

During today's trading session, the price of Ethereum is up almost 6%, reaching a high of $3,110 in the last week and a half. Importantly, over the past three days, the price action has almost completely reversed the decline of the previous nine days.

As a reminder, the deadline to accept or deny an Ethereum spot ETF is coming in less than a week and is the first of its kind among altcoins.

Why old wallets associated with the founders of Ethereum are sending tokens to the exchange while the price of ETH is rising, and all this is happening a week before the decision on the Ethereum ETF, is perhaps the biggest question in the crypto world right now.