- Stash was received during ETH’s ICO for 31 cents per token
- Investors would lock in a massive 950,719% gain if they decide to sell
In what was a development that caught the attention of the broader cryptocurrency market, an Ethereum [ETH] The holder woke up on Thursday after almost nine years of dormancy to transfer his entire holdings to another wallet.
Old ETH on the move
According to an on-chain data tracking platform Look at chain, an early investor who received 1,969 ETH during Ethereum’s initial coin offering (ICO), saw himself move 1,960 ETH. The transferred offering was worth $5.8 million prevailing market prices. The participant received the ETH for 31 cents per token as part of the ICO.
The purpose of the transfer had yet to be determined at the time of writing. However, there may be several explanations behind this move, with the most dominant narrative being the realization of profits. At current prices, the investor would lock in a massive 950,719% profit.
Other factors could include diversifying their portfolios for other tokens.
Not the first time
Similar examples of reactivation of old ETH received during Genesis were seen earlier this year. For example, on March 24, a participant moved his entire body 2,000 ETH received during the ICO. A wallet was handed over for this purpose 1,732 ETH to exchange Kraken on February 2o.
AMBCrypto did further research using Santiment data and discovered sharp spikes in ETH’s movement that had been dormant for over five years. In almost all cases, the movement of dormant coins was followed by a price drop. This finding lends weight to the profit-taking theory discussed earlier.
Source: Santiment
Is your portfolio green? Check out the ETH profit calculator
What is the sentiment around ETH?
According to this article, ETH was hovering around $3,000 at the time of writing CoinMarketCap. The second-largest cryptocurrency appeared to bounce back from a tough month last month, during which it plunged nearly 10%.
Over the past 24 hours, sentiment around the coin in the futures market has also changed dramatically. The number of traders shorting ETH increased versus those who longed for it, according to AMBCrypto’s analysis of Coinglass data.
