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Pre-Mined Ethereum Worth $116M Moves After 8 Years: Is A Major Price Dip Imminent?

A pre-mined stash of Ethereum, dormant for nearly eight years and now valued at roughly $116 million, has been moved abruptly. This transaction raises questions about potential market implications and whether it could trigger a notable price dip for Ethereum.

Eight years ago, during Ethereum’s pre-mine period, the wallet accumulated a total of 61,216 ETH. Back then, the value of the tokens was around $18,976, but due to Ethereum’s exponential growth, the value has now escalated over a thousandfold.

Stirring From Dormancy

The ETH in question, stashed in a single wallet address, has remained untouched since it was pre-mined. But in an unexpected move, all 61,216 ETH were transferred to an address associated with the Kraken crypto exchange. This transfer marks the end of an eight-year-long dormancy.