As a seasoned researcher who has witnessed the rise and fall of countless cryptocurrencies over the past decade, I must admit that the recent activity of this eight-year dormant Ethereum whale has piqued my interest. It’s not every day we see such a substantial gain in a single asset class, especially when considering the initial investment of merely $87,000 in 2016.
An inactive cryptocurrency behemoth, absent for over eight years, has reemerged following the significant increase in the worth of its Ethereum ($ETH) assets. The value of these holdings has skyrocketed beyond 44,000%, now amounting to a staggering $39 million.
Based on information from Ethereum blockchain explorer Etherscan, first posted by EmberCN on a social media platform X (previously known as Twitter), it’s reported that a large investor purchased 16,636 ETH at approximately $5.23 per token through the decentralized exchange ShapeShift in February 2016.
For more than eight years, this whale held onto its Ethereum without any changes. However, just recently, it decided to sell 350 ETH, with each token fetching an average price of approximately $2,340. Initially, the whale had invested about $87,000 in purchasing these ETH.
In February 2016, this individual received 16,636 Ethereum tokens for $5.23 each from ShapeShift. After a span of approximately 8 and a half years, they began selling these Ethereum tokens.
— 余烬 (@EmberCN) September 16, 2024
Significantly, major investors of Ethereum have consistently purchased additional amounts of the digital currency that ranks second in market value, thereby strengthening their control over the market.
As an analyst, I’ve observed a steady increase in Ethereum whale accumulation activities since 2019, with this trend gaining momentum post-early 2023, following Ethereum’s Shanghai network upgrade. This significant update enabled the withdrawal of staked Ether, likely contributing to the surge in whale holdings.
It appears that these particular whale wallets currently hold more than 43% of Ethereum’s existing tokens, edging closer to the approximately 48% controlled by individual retail investors.
The whale’s transaction occurs during a phase where Ethereum has been noticeably underperforming Bitcoin, as the ETH/BTC exchange rate has decreased by over 36% in the past year and nearly 23% within the previous six months.
Despite Bitcoin reaching a fresh record peak earlier this year following the debut of U.S.-based spot Bitcoin Exchange-Traded Funds (ETFs), the influence of introducing U.S.-based spot Ether ETFs was comparatively low.
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2024-09-17 01:55