Ancient ETH Wallet Awakens with 1,092,728% Profit As Ethereum Plunges

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As an analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market fluctuations and whale activity. The recent awakening of the Ethereum pre-mine whale, who’s been dormant for 9.4 years, is a fascinating turn of events. This individual, an early Ethereum ICO participant, has managed to amass a fortune of $6,567,522 from his initial investment of just $601 – that’s a return on investment (ROI) of 1,092,728%.

The blockchain monitoring service, Whale Alert, has spotted a dormant crypto giant (often referred to as a “whale”) that possesses a substantial amount of Ethereum, estimated to be worth millions of dollars.

According to the post, this wallet – which had been dormant for nearly a decade (9.4 years) – was brought back online and held approximately 1,940 Ether.

Ethereum ICO participant comes back with huge profit

To elaborate further, the @lookonchain analytics account posted on Twitter that this large Ethereum holder, who we can refer to as a pre-mine whale, was an initial coin offering (ICO) participant. He acquired his 1,940 Ethers directly from the Ethereum Genesis block back in 2014. At that time, each Ether cost around $601. Today, this same amount of Ether is worth a staggering $6,567,522, equating to an astounding 1,092,728% increase in value since its initial acquisition.

9.4 years after participating in an Initial Coin Offering (ICO) on Ethereum, a dormant account holder has become active again and transferred 0.01 ETH to a fresh wallet. Remarkably, this participant had initially received 1,940 ETH during the GENESIS phase of the ICO, which at the current value of approximately $6.56 million, was originally purchased for just $601.

— Lookonchain (@lookonchain) December 27, 2024

This week, there’s been a significant increase in whale-related Ethereum activities. On Thursday alone, Whale Alert disclosed information about multiple large ETH transactions: 15,000 ETH was taken out from the most prominent cryptocurrency exchange, Binance, and an exchange of 47,534 ETH occurred between two unidentified digital wallets. The former transaction amounted to approximately $50.7 million, while the latter reached a staggering $164.9 million.

Ethereum market performance

For the past two days, Ethereum, the second-largest cryptocurrency, has seen a decrease of approximately 5%, falling from $3,495 to $3,320. However, in recent hours, ETH has shown a slight increase of around 3% and is currently trading at about $3,420 per coin.

Just last week, Ethereum experienced a significant drop of around 22%, plummeting from approximately $4,026 to $3,102. This descent was similar to Bitcoin‘s fall, which followed Jerome Powell’s announcement that the Federal Reserve would scale back its accommodative policies in the coming year.

BlackRock’s Ethereum ETF surpasses Bitcoin ETF

According to U.Today’s reports, this week, the Ethereum ETF managed by Blackrock – the iShares Ethereum Trust ETF (ETHA) – has significantly outperformed the Bitcoin ETF also handled by the same financial firm.

On Tuesday, ETHA experienced approximately $44 million in incoming investments, whereas the iShares Bitcoin Trust ETF (IBIT) saw significant outflows totaling around $188 million during that same day.

In January, Bitcoin-based exchange-traded funds received approval from the U.S. Securities and Exchange Commission, following a lengthy review process of approximately one year since their initial filing. Conversely, the SEC expedited its decision on Ethereum ETF proposals, granting approval in May this year, and trading commenced around two months later.

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2024-12-27 13:10