Key Points
- An early Ethereum investor transferred their entire holdings after almost 9 years of inactivity.
- The transferred Ethereum was worth $5.8 million, indicating a potential profit of 950719%.
An early holder of Ethereum (ETH) surprised the crypto market by moving their entire holdings after nearly nine years of dormancy.
Unprecedented Ethereum Transfer
Data from Lookonchain revealed that an investor who acquired 1,969 ETH during Ethereum’s initial coin offering (ICO) moved 1,960 ETH. The value of the transferred Ethereum was around $5.8 million based on the current market rates. The investor originally obtained the ETH at 31 cents per token during the ICO.
The reasons behind this significant transfer remain unknown. However, it’s speculated that the investor might be cashing in on their investment, which would yield a staggering 950719% profit at current prices. Another possibility could be portfolio diversification into other tokens.
Previous Instances of Reactivation
Earlier this year, similar instances of reactivation of old Ethereum received during its genesis phase were observed. For example, on March 24, a participant moved their entire 2,000 ETH obtained during the ICO. Prior to that, a wallet transferred 1,732 ETH to the crypto-exchange Kraken in February.
Analysis of Santiment data revealed sharp increases in the movement of Ethereum that had been inactive for over five years. In most cases, the movement of these dormant coins was followed by a price drop, supporting the profit-taking theory.
At the time of reporting, Ethereum was trading around $3,000, according to CoinMarketCap. The second-largest cryptocurrency seemed to be recovering from a challenging previous month, during which it dropped by nearly 10%.
The sentiment in the Futures market regarding Ethereum has also seen a significant shift in the last 24 hours. The number of traders shorting Ethereum increased compared to those longing it.
