Key Takeaways:
- An early Ethereum investor made a $55.6 million profit from ICO holdings.
- Dormant whale moved $5.94M ETH to Kraken after 3 years.
- ETH eyes $3K–$4K as bullish patterns emerge.
The early Ethereum adopters are again in focus as blockchain data shows enormous profits being made after years of holding. According to recent data from Lookonchain, it is noted that a Genesis member of Ethereum, who acquired 16,000 ETH at a cost of only $4,960 during the 2015 ICO, has been consistently selling over the last years.
The wallet, covering more than two addresses, bought ETH initially at an average of $0.31 per coin and then topped up 804 ETH bought from exchanges in 2017 at a price tag of $459 per coin, costing an additional $369,000.
He has been systematically selling 14,394 ETH worth a total of $50.11 million in profits at an average rate of $3,482 ever since April 2021. He recently emptied 501 ETH nine hours ago and added a further amount of $1.22 million to his realized profits.
Although they have liquidated almost all of their holdings, they still retain around 2,410 ETH worth a total of $5.85 million today. This represents a total profit of around $55.6 million, a staggering 149x gain over his entry price.
These figures not only show incredible foresight and patience but, most importantly, show that early Ethereum enthusiasts are reconstructing market supply through orderly exits.
Also Read: Ethereum at a Crossroad: Can $2,544 Resistance Mark the Start of a Bullish Trend?
Ethereum Dormant Whale Resurfaces to Lock in Millions
While the Genesis investor has been slow selling, a different wallet woke up suddenly from years of dormant status. A whale moved 2,450 ETH worth $5.94 million to crypto exchange Kraken, according to Lookonchain.
The whale borrowed this exact sum previously out of Kraken back in September 2022 when ETH’s value stood at $1,305, paying a total of around $3.2 million.
Now that ETH is at approximately $2,450, that whale has profited by $2.74 million. But at Ethereum’s highs, that wallet only possessed more than $6.6 million in unrealized profits, showing that that timing, as a profit, was a more conservative exit strategy than that of leading buyers.
Such large wallet movements are signs of increasing belief among long holders that Ethereum spot prices now offer good yields. This is also a sign that they are ready to return to exchanges, possibly to take advantage of new market movements.
$3K in Sight as Technical Setups Signal Bull Run
Ethereum (ETH) is currently trading at $2,450.72 but technically, that is only the beginning, according to estimates. Ethereum is tracing a classic Wyckoff accumulation phase, as indicated by analyst Ether Wizz.
After hitting a low of under $1.4K, the coin increased more than twice in value as it corrected a healthy 25%. The retest is now a bounce, and Ether Wizz thinks that we are setting up a next major level at $3K to $3.2K in July and a possible extension to $4K by August or September.
Also fueling optimism is analyst Alek’s note of similarity to Ethereum’s 2020 move. Then, ETH surged in a “dead cat bounce,” then made a final test before going to $3.5K+.
Alek thinks that the same kind of pattern is just finished again and that it’s the last shakeout prior to liftoff. History repeats, and then ETH might well go over $7K, as per his analysis.
Also Read: Ethereum Strengthens at $2,400 Support, Bulls Target $3,000 Next
