An early Ethereum investor has reactivated their wallet after three years of inactivity.
The whale has moved 1,555 ETH worth approximately $4.86 million to Coinbase, according to the data from Lookonchain. The movement marks another instance of long-dormant ICO-era wallets becoming active amid Ethereum’s recent price surge.
Ethereum whale received ETH for $1,851
The whale wallet, which participated in Ethereum’s initial coin offering (ICO), originally received 6,292 ETH for an investment of just $1,951.
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At current market prices, their remaining holdings are valued at approximately $20.15 million.
This movement follows a trend of long-dormant Ethereum whales becoming active in recent months.
In July 2024, another ICO participant awakened after nine years, moving 1,111 ETH valued at $3.7 million. That particular investor had received 2,000 ETH during Ethereum’s genesis at an ICO price of approximately $0.31 per token.
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ETH price pumps 30% in seven days
The transfer coincides with major price action in Ethereum’s market. ETH has surged almost 30% over the past seven days.
ETH’s price has ranged from $3,089.74 to $3,241.97 in the last 24 hours, while the weekly range expanded from $2,373.63 to $3,240.29.
On November 7, another major movement was observed when a whale holding 12,001 ETH (worth $34.1 million) became active after 8.75 years.
This whale had earlier withdrawn ETH from ShapeShift in early 2016. That was at an average price of $8.58 as per Spot On Chain.
Despite the substantial transfer to Coinbase, Ethereum’s price remains strong, though still 34.6% below its all-time high of $4,878.26 set in November 2021.
The movement of such large amounts by early investors could potentially signal incoming selling pressure or strategic portfolio rebalancing.
The reemergence of ICO-era wallets provides a unique glimpse into the wealth creation enabled by early cryptocurrency investments.
