At a time of bear market-induced uncertainty, crypto investors often tend to stick with Bitcoin (BTC) and Ethereum (ETH) to evade impermanent losses. As a result, the significant movement of such assets intrigues the community as they try and decipher the intent behind the move.
Two addresses that have remained dormant for over four years recently came back to life to transfer 22,982 ETH to new addresses — leaving investors scratching their heads. The ETH tokens in question originated from trading platforms Genesis and Poloniex and were found transferring 13,103.99 ETH and 9,878 ETH, respectively.
#PeckShieldAlert 2 Dormant addresses transferred 22,982 $ETH (~27.2M) to 2 fresh addresses, their last movement was October 2018 (1,535 days ago).
These $ETH originated from Genesis and Poloniex pic.twitter.com/MXKpLnypif
— PeckShieldAlert (@PeckShieldAlert) December 19, 2022
Blockchain investigator Peckshield found that the last movement of the ETH tokens in question dates back to October 2018, when the price of ETH ranged roughly between $190 to $230. On the day of the transfer, the asset was priced at nearly $1,200 per ETH.
The above flowchart shows the historical movement of the assets and how they made their journey over the years from the trading platforms to the new addresses. While no specifics have been revealed at the time of writing, the community speculates links to funding collateral for a project.
Ever since Ethereum completed the Merge upgrade, the network’s energy consumption was reduced by 99.9%.
As a direct result of the shift to a proof-of-stake (PoS) consensus mechanism, the Ethereum network’s carbon footprint currently stands at 0.1 million tonnes of CO2 (MtCO2) per year.