An Ethereum wallet that had been inactive since the pre-mine era has moved again after 11 years.

On July 20 local time, blockchain media outlet U.Today reported that blockchain tracking account Whale Alert said a dormant pre-mine address holding 2,000 ETH became active after being idle for 11 years.

The holdings that moved are now worth about $3.79 million. The wallet's value when it first received funds in 2015 was around $620. The reappearance of early Ethereum holdings on-chain after a long period has drawn market attention.

Reactivations of early Ethereum addresses have come in succession recently. Whale Alert also counted a pre-mine wallet holding 10,000 ETH that ended 10.8 years of dormancy and became active again in late April. The holdings were worth about $22.9 million at the time.

In May, addresses that had not moved since Ethereum's early days also awakened one after another. Wallets holding 2,000 ETH, 790 ETH and 400 ETH began moving again. Earlier, in March, a pre-mine wallet holding 401 ETH and, in February, one holding 99 ETH became active after more than 10 years of dormancy.

It is also notable that no such cases were reported in June. As a result, the July movement confirmed this time became the first reactivation of an early pre-mine wallet spotted again in several weeks.

The re-emergence of long-dormant wallets was not limited to Ethereum. Whale Alert tracked two Bitcoin wallets holding 2,100 BTC and 500 BTC moving again earlier this year. The two wallets had been untouched for more than 13 years and more than 12 years, respectively.

Institutional accumulation of Ethereum has also continued. According to Onchain Lens, Bitmine bought an additional 7,430 ETH over the past week, taking total holdings to 5.78 million ETH. Bitmine's staked Ethereum was tallied at 4.91 million ETH, and the value of its Ethereum treasury holdings was about $10.9 billion. Total holdings including cryptocurrencies, cash and other assets were reported at about $11.5 billion.

The market is seeing early holdings long tied up on one side moving again, while institutions keep expanding holdings on the other. As of the time of writing, Ethereum traded at about $1,900 per ETH.