A nine-year dormant Ethereum wallet, potentially belonging to ShapeShift CEO Erik Voorhees, has been reactivated and sold 4,619 ETH worth approximately $13.42 million over the past two weeks. On-chain analytics platform Lookonchain first spotted the unusual activity, revealing that the proceeds were used to purchase 24,950 Bitcoin Cash (BCH).
The wallet, identified as starting with 0x03b5, had been inactive since 2016. At the time of acquisition, Ethereum's price peaked around $20, meaning the initial investment was under $100,000. This transaction has resulted in a profit exceeding $13.3 million for the wallet owner.
The capital rotation from a major early Ethereum adopter has triggered widespread speculation within the crypto community. Many are interpreting the move as a loss of confidence in Ethereum's long-term growth trajectory, especially given Voorhees' status as a prominent industry figure and early Bitcoin advocate. Some traders view the action as bullish for Bitcoin Cash but cautionary for Ethereum.
This event coincides with a period of volatility for Ethereum, which has struggled to maintain stability above the $3,000 level. The coin faced rejections at $3,400 and $3,200 over the past month and was trading at $2,947.82 at the time of reporting, representing a 2.34% decline in 24 hours.
Market analysts are closely monitoring whether this significant sell-off, combined with other recent actions like JAN3 CEO Samson Mow liquidating his Bitmine Ethereum holdings, could trigger panic selling in an already volatile market. However, some community members dismiss it as an isolated incident unlikely to cause systemic volatility for the leading altcoin.
