A dormant Ethereum pre-mine address, inactive for years, has recently been reactivated. Chain-tracking firm Whale Alert showed that the address holds 2,000 ETH, worth approximately $3.79 million at current prices. The address had remained inactive for 11 years, with its initial balance totaling just $620.
Early addresses are coming back to life
This is not an isolated incident. At the end of April, another pre-mine address holding 10,000 ETH became active again after being dormant for 10.8 years. In May, several other early addresses resumed activity, holding 2,000 ETH, 790 ETH, and 400 ETH respectively.
In the first few months of this year, Whale Alert recorded dormant addresses holding 401 ETH and 99 ETH being reactivated. Similar occurrences have been observed with early Bitcoin addresses, indicating that the reactivation of old wallets is not unique to the Ethereum network.
Bitmine continues to increase its position.
While old on-chain addresses are frequently reactivating, institutions continue to buy ETH. Onchain Lens reports that Bitmine purchased 7,430 ETH over the past week, raising its total holdings to 5.78 million ETH.
The company disclosed that it has staked approximately 4.91 million ETH, with its Ethereum treasury valued at around $10.9 billion. Including cash and other assets, its total holdings amount to approximately $11.5 billion. At the time of the report, the price of ETH was approximately $1,900 per coin.