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The Dormant Ethereum ICO-Era Whale Transfers 32,000 $ETH Ahead of the Shanghai Upgrade

The Dormant Ethereum ICO-Era Whale Transfers 32,000 $ETH Ahead of the Shanghai Upgrade

A large Ethereum ($ETH) whale that had been dormant for six years until October of last year moved over 32,000 $ETH ahead of the network’s upcoming Shanghai upgrade, which will allow validators to withdraw their staked Ether.

The whale had been dormant until October, when it moved nearly 49,000 ETH to stake the funds on the Beacon Chain, according to a tweet shared by blockchain analysis service Lookonchain, a microblogging platform with nearly 100,000 followers.

The whale has now transferred 32,015 ETH, worth more than $53 million, to a new address. Crypto community members speculated that the whale is not going to divest its funds but rather is preparing to stake more.

The Ethereum whale received 120,00 $ETH, which is worth nearly $200 million at the time of writing, via three different addresses during the cryptocurrency’s genesis initial coin offering (ICO). They were inactive until October 2022, when they began transferring ETH to stake it.

Stacked ETH and its associated rewards are locked on the blockchain until the network’s Shanghai upgrade is released. Since the launch of the Beacon Chain, Ethereum token holders have been able to stake their ETH on the network in exchange for fees awarded for validating transactions on the network. Shanghai is the next major upgrade following the Merge, which transitioned Ethereum from a proof-of-work to a proof-of-stake network.

As previously reported by CryptoGlobe, Ethereum’s core developers have set March 2023 as the provisional date for Shanghai, implying that Ethereum stakeholders may soon be able to withdraw their staked assets from the network.

Notably, as Shanghai approaches and the price of Ethereum rises, on-chain data shows that shark addresses have been “aggressively” accumulating the cryptocurrency. 

According to data from on-chain analytics firm Santiment, wallets with 100 to 10,000 ETH, or $162,000 to $16.2 million at the time of writing, have been accumulating the cryptocurrency since early November, with around 3,000 new shark addresses created.

According to the company, there are now 48,556 shark addresses, the most since February 2021. It’s worth noting that shark addresses are associated with large holders, with the whale cohort being the largest.


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