An early Ethereum investor has made headlines by moving millions of dollars worth of ETH after years of inactivity, according to blockchain tracking firm Lookonchain. This remarkable transaction has sparked significant interest in the crypto community.
Early Ethereum Investor Sees Jaw-Dropping Gains
Lookonchain reports that this whale participated in Ethereum’s 2014 initial coin offering (ICO), acquiring 150,000 ETH at the Genesis block. The original investment, which was just $46,500, is worth approximately $389.7 million today, reflecting an astonishing 837,964% increase. This recent activity showcases the long-term potential and staggering returns that early cryptocurrency investments can yield.
Whale Moves Millions to Kraken
After more than two years of dormancy, the holder suddenly activated their account to send 3,510 ETH, valued at $9.12 million, to the Kraken crypto exchange. This move has led to speculation about whether the whale plans to sell the ETH on the open market. [Source: Lookonchain on X]
Another Smart Investor’s Strategy During the Bear Market
In another case, Lookonchain reports on an investor who accumulated over 96,000 ETH during the 2022 bear market. This savvy investor has since sold large portions of their holdings, including a recent sale of 15,000 ETH on September 21st, making $131.72 million in profit. This example highlights the importance of market timing and strategic trading.
“This investor demonstrated diamond hands by buying ETH during the bearish market and selling it during the bullish market, amassing significant gains,” reported Lookonchain. “They acquired 96,639 ETH worth $151.42 million at a price of $1,567 from Coinbase in early September 2022. They then deposited 70,000 ETH valued at $214.34 million to Kraken starting in March, retaining 26,639 ETH valued at $68.81 million.”
Ethereum is currently trading at $2,660, reflecting more than a 3% increase in the past 24 hours. This price movement underscores the still-volatile nature of the cryptocurrency market.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. The Daily Hodl is not responsible for any losses you may incur from trading or investing in these assets. Please note that The Daily Hodl participates in affiliate marketing.
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