This Ethereum ICO Investor Wakes Up to $770k After 8.6 Years

An early Ethereum investor has awakened from an 8.6-year slumber by transferring the entire ETH holding worth approximately $770,000 to a Coinbase account. The fund transfer comes after ETH’s price soared above $3,200 over the past 24 hours.

After the price of $ETH surpassed $3,200, an #Ethereum ICO participant woke up after 8.6 years of dormancy and deposited all 238.75 $ETH($770K) to #Coinbase just now.

He received 238.75 $ETH at #Ethereum Genesis, the ETH ICO price is ~$0.31.https://t.co/krkvr6iZSo pic.twitter.com/s4yAOio4tq

— Lookonchain (@lookonchain) February 27, 2024

Early Investor Moves $770k

Following its inception in 2013, Ethereum founders conducted an initial coin offering (ICO) of 60 million ETH tokens to raise millions of funds. ETH traded at $0.31 during the ICO. Although the ICO occurred in 2014, investors began accessing their ETH holdings in July 2015 when the blockchain launched.

Fast forward to the present, several early ETH investors have moved part or all of their holdings after being dormant for years. In the latest occurrence, the investor bought 238.75 ETH, valued at $74.0125 at the time of purchase. With ETH’s recent price surge to over $3,200, the ETH holdings are currently valued at $770,000, a substantial increase in less than nine years.

By moving the ETH tranche to a Coinbase account, the early user may be working towards cashing out some or all of their ETH holdings.

Last week, an ETH whale who bought 3,465 ETH during the Ethereum ICO transported their holdings, worth over $5 million at the time, to Kraken after being dormant for over eight years.

ETH Trades Above $3,200

At press time, ETH traded at $3,240, representing a 6.7% increase within the past 24 hours and an 11% uptrend over the past week.

Source: CoinStats

ETH’s price surge is fueled by several factors. One is the anticipation of the potential approval of the spot Ethereum exchange-traded fund (ETF) within the United States financial market. The investment product allows U.S. investors to gain exposure to the second-largest cryptocurrency through financial institutions within the country.

Earlier this month, the giant asset management company Franklin Templeton filed for the approval of the Ethereum-based financial product with the U.S. Securities and Exchange Commission (SEC). Other popular financial companies like BlackRock and Grayscale have signalled interest in the same product.

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