As a researcher who has been following the crypto market since its early days, I must admit that witnessing the transformation of a modest $87,135 investment into over $37.6 million is nothing short of awe-inspiring. It’s like seeing a seed grow into a towering oak tree overnight!
A person who invested in Ethereum (ETH) back in 2016 when they were given 16,636 ETH has recently decided to sell some of their holdings. This sale represents an exceptionally profitable investment return for them.
Based on information from EmberCN’s on-chain data, a whale initially purchased Ethereum for approximately $5.23 per token, equating to around $87,135 in total. Fast forward to September 16, 2024, and the same amount of ETH is now worth over $37.6 million, marking an astounding 446-fold increase in value.
Slumbering Trader Makes $819K Profit
An investor, who had been holding onto their Ethereum for about 8 and a half years, moved all 16,636 ETH to a different wallet before selling off 350 ETH at a price of around $2,340 per token. This transaction resulted in an estimated profit of approximately $819,000.
The sale came with the price of ETH hovering around $2,300, down from its recent one-month high of $2,820. However, despite the dip, the whale’s long-term holding strategy has paid off significantly.nTheir transaction comes in the wake of a series of notable Ethereum movements from other dormant wallets.
Lately, some dormant large Ethereum addresses have become active again, transferring significant quantities of ETH following years without any activity. For example, on August 7, approximately 789,000 ETH worth around $2 billion were moved from wallets that had been inactive for nearly 3.3 years. These wallets are connected to the notorious PlusToken Ponzi scheme, which was shut down by Chinese authorities in November 2020.
This action sparked interest among cryptocurrency enthusiasts, leading them to ponder if China might be considering an action analogous to Germany, who sold approximately 50,000 Bitcoin seized from illegal operations.
On August 26th, a wallet that had been inactive since the Ethereum Initial Coin Offering (ICO) in 2014, suddenly became active again after over nine years of being dormant. The wallet originally held around 2,000 ETH, which is now worth over $5 million.
Long-Term ETH Holders in Profit
Currently, it’s important to note that the second largest cryptocurrency in terms of market capitalization has experienced a decrease of approximately 5.3% in its value over the past day.
Over the course of thirty days, Ethereum (ETH) experienced a significant drop of approximately 11.8%, while other cryptocurrencies saw growth. In contrast to this, there was a minor increase of 0.2% for ETH over the last week. However, it’s worth noting that the overall crypto market has grown by at least 1.30% during this period, meaning Ethereum is not keeping pace with the global market trend.
To put it another way, based on data from IntoTheBlock, about half (54%) of cryptocurrency holders are currently seeing a profit, and an even larger proportion (74%) have been holding onto their coins for more than a year.
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2024-09-17 00:40