On-chain analytics platform Lookonchain reported that a wallet address, dormant for roughly three years, suddenly received 10,000 Ether (ETH) late on June 4, Beijing time. Shortly after receiving the funds, the address sold all 10,000 ETH at an average price of $1,772, securing approximately 17.72 million USDC, worth roughly $17.72 million. The entire transaction was instantly recorded on the Ethereum network and is publicly verifiable.
The address last showed on-chain activity three years ago, making this sudden large-scale inflow and outflow particularly noteworthy for on-chain observers. USDC, one of the most widely used regulated stablecoins, maintains a 1:1 peg to the US dollar and is commonly regarded as a key liquidity and hedging instrument in the crypto market, often utilized for hedging large positions or realizing profits on long-term holdings. Platforms like Lookonchain continuously track such large transfers, providing direct signals on market movements.