An early Ethereum investor has stirred the crypto market. They moved millions in ETH after years of inactivity and the profit is phenomenal.
The investor joined Ethereum's 2014 initial coin offering (ICO). They received 150,000 ETH at the Genesis block. This initial $46,500 investment is now worth $389.7 million, and the return stands at an astounding 837,964%.
After over two years of dormancy, the whale has awakened. They transferred 3,510 ETH, valued at $9.12 million, to Kraken, a major cryptocurrency exchange. This move suggests a potential sale on the open market.
In crypto parlance, a 'whale' refers to an individual or entity holding a significant amount of a particular cryptocurrency. These large holders can potentially influence market movements due to their substantial holdings.
Lookonchain also highlighted another savvy whale's actions. This investor accumulated over 96,000 ETH during the 2022 bear market. They sold large amounts this year, including 15,000 ETH on September 21st.
"This is a smart diamond hand," Lookonchain noted. 'Diamond hands' is a term used in the crypto community to describe investors who hold onto their assets despite market volatility or potential short-term gains.
The firm elaborated on this investor's strategy. "Buying ETH in the bear market and selling ETH in the bull market, making $131.72 million!" Lookonchain provided more details on this investor's moves. "This whale bought 96,639 ETH ($151.42 million) from Coinbase at $1,567 on September 3rd and September 4th, 2022."
The investor's subsequent actions were also notable. "Then deposited 70,000 ETH ($214.34 million) at $3,062 to Kraken since March 6th, leaving 26,639 ETH ($68.81 million)."
These movements highlight the potential for significant returns in the volatile cryptocurrency market. They also underscore the importance of long-term holding strategies in realizing such gains.
At the time of writing, Ethereum is trading at $2,660. This represents an increase of over 3% in the last 24 hours.