The recent crypto market movement appears to be triggering the awakening of dormant crypto assets, including Ethereum held for many years.
While the crypto market is currently showing mixed signals, a major move from an early Ethereum investor has drawn attention from the crypto community.
Ethereum OG may be taking profit
Blockchain monitoring platform Lookonchain has shared data earlier today, revealing that an early Ethereum holder has been spotted moving 6,369 ETH, worth $15.95 million, to Kraken.
What makes the transaction more interesting is that the Ethereum holder had reportedly bought the asset at around $14 nine years ago.
While its recent Ethereum sales were valued at around $15.95 million, the investor's holdings have appreciated by about $15.86 million considering their cost value.
While the price of Ethereum has accelerated massively over the years, the sale marks a substantial gain of about 17,786% in nine years.
Apparently, this means that the investor's initial capital has grown by nearly 179 times over the nine-year period, highlighting Ethereum's remarkable growth over the years.
Ethereum falls below $2,500
Although the transaction has come at a time when Ethereum is facing downside pressure, trading below the key $2,500 mark, the Ethereum investor had still secured substantial profits due to the longevity of the asset.
Nonetheless, it is not certain whether the move could impact Ethereum's price potential, even though it could add to the supply of ETH available.
This presents a bearish outlook for the asset, especially at a time like this. However, it remains uncertain whether the investor was only redistributing their holdings or selling.
Arman Shirinyan
Dan Burgin
