A long-dormant early investor in Ethereum has recently reemerged by transferring their entire ETH holdings, valued at approximately $770,000, to a Coinbase account. This move comes as the price of ETH surged above $3,200 in the last 24 hours.
Back in 2013, the founders of Ethereum conducted an initial coin offering (ICO) where they raised millions of funds by offering 60 million ETH tokens. At that time, ETH was trading at $0.31. Although the ICO took place in 2014, investors were only able to access their ETH holdings when the blockchain was launched in July 2015.
Now, several early investors in ETH are finally moving their holdings, which have been dormant for years. In the most recent case, the investor purchased 238.75 ETH for $74.0125. With the recent surge in ETH’s price, the holdings are now valued at $770,000, a significant increase in less than nine years.
By transferring their ETH to a Coinbase account, the early investor may be looking to cash out some or all of their holdings. Last week, another ETH whale, who had bought 3,465 ETH during the ICO, also moved their dormant holdings, worth over $5 million, to Kraken.
Currently, ETH is being traded at $3,240, reflecting a 6.7% increase in the past 24 hours and an 11% upward trend over the past week.
The surge in ETH’s price can be attributed to various factors, one of which is the anticipation of the potential approval of a spot Ethereum exchange-traded fund (ETF) in the US financial market. This investment product would allow US investors to gain exposure to the second-largest cryptocurrency through local financial institutions.
Earlier this month, Franklin Templeton, a major asset management company, filed for the approval of an Ethereum-based financial product with the US Securities and Exchange Commission (SEC). Other renowned financial companies like BlackRock and Grayscale have also expressed interest in similar products.
Tags: Ether (ETH), Ethereum
