An early ethereum (eth) investor who received 16,636 eth in 2016 has sold a portion of his holdings, marking an extraordinary return on investment.
According to on-chain data x.com/EmberCN/status/1835480135849607338″ target=”_blank” rel=”noopener” data-wpel-link=”external”>shared According to EmberCN, the whale originally acquired ethereum for $5.23 per token, which amounted to a total of $87,135. As of September 16, 2024, that same amount of eth is worth over $37.6 million, representing a staggering 446-fold increase in value.
A sleeper trader makes a profit of $819,000
The investor, who held onto his ethereum for nearly eight and a half years, transferred the 16,636 eth to a new wallet before selling 350 eth at a price of $2,340 per token, making a profit of approximately $819,000.
The sale occurred as the price of eth hovered around $2,300, down from its recent one-month high of $2,820. However, despite the drop, the whale’s long-term holding strategy has paid off significantly. His transaction comes on the heels of a series of notable ethereum movements from other dormant wallets.
Recently, several large addresses that were not operational have become active again and huge amounts of eth have been transferred after years of inactivity. For example, on August 7, over 789,000 eth, valued at $2 billion, was transferred from wallets that had been dormant for 3.3 years. These wallets were linked to the infamous PlusToken Ponzi scheme dismantled by Chinese authorities in November 2020.
The move sparked curiosity within the crypto community, with many speculating whether the Chinese government was contemplating a move similar to that of Germany when the latter sold nearly 50,000 btc seized from criminal enterprises.
In another case, a wallet containing over 2000 eth, last active during the ethereum Initial Coin Offering (ICO) in 2014, x.com/whale_alert/status/1828000853665456550″ target=”_blank” rel=”noopener” data-wpel-link=”external”>woken up again On August 26, after more than nine years of inactivity, its contents, originally worth $620, are now valued at more than $5 million.
Long-term eth holders are making profits
At the time of writing, the world's second-largest cryptocurrency by market cap had seen its price drop by 5.3% in 24 hours.
In 30 days, the loss is more marked, with eth prices suffering a 11.8% drop in that period. Moreover, despite a slight increase of 0.2% over the past seven days, eth is underperforming the overall crypto market, which is up at least 1.30%.
That said, the data shows that the majority of those who own the cryptocurrency are still making money. According to IntoTheBlock, 54% of the coin's owners are making a profit at the current price, and 74% are holding onto their assets for over a year.
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(tags to translate)ethereum