- Stash was received during ETH’s ICO at 31 cents per token
Investor would lock a humongous 950719% in profits if they decide to sell
As an analyst with a background in cryptocurrency and experience in tracking market trends, I find the recent movement of a dormant Ethereum (ETH) wallet holding nearly 2 million ETH received during the ICO to be intriguing. This investor purchased their holdings at just 31 cents per token – a price that would result in an astounding 950,719% profit if they decided to sell now.
An Ethereum (ETH) investor who had been inactive for almost a decade surprised the cryptocurrency community by moving all of their stored ETH to a new digital wallet on Thursday.
Old ETH on the move
Based on information from the cryptocurrency tracking platform Lookonchain, an early investor who originally possessed 1,969 Ether tokens, which were acquired during Ethereum’s initial coin offering (ICO), was later observed transferring out 1,960 Ether tokens. At that moment, the value of these transferred tokens amounted to approximately $5.8 million according to current market prices. This investor obtained their Ether tokens at a price of roughly 31 cents per token during the ICO.
At the point of composing this text, it was uncertain why the transfer occurred. Nevertheless, there are potential reasons for this action, with the strongest theory being the pursuit of substantial gains. Currently, the investor stands to secure an astounding 950719% in profits if prices remain unchanged.
Other factors could be diversifying their portfolios for other tokens.
Not the first time
Instances of old ETH from the Genesis being activated again have occurred previously this year. For example, on March 24th, an individual moved all their received 2,000 ETH during the ICO. Prior to that, a wallet shifted 1,732 ETH to crypto-exchange Kraken on February 20th.
Based on an investigation by AMBCrypto using data from Santiment, there have been observed significant surges in the previously inactive Ethereum tokens. In most cases preceding these spikes, there were subsequent price declines. This observation adds credence to the profit-taking theory previously discussed.
How’s the sentiment around ETH?
As of the moment this article is being published, Ethereum (ETH) was fluctuating around $3,000 based on CoinMarketCap data. This cryptocurrency appeared to be regaining ground after experiencing a significant drop in value over the past month, losing almost 10% of its worth.
In the past day, there has been a significant change in sentiment towards Ethereum in the Futures market. According to AMBCrypto’s interpretation of data from Coinglass, more traders have entered into short positions on ETH than long ones.
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2024-05-03 12:39