Ethereum Whale Stirs as ETH Holdings Skyrocket by Over 44,000%
A crypto whale that had remained inactive for more than eight years has reappeared, witnessing a staggering 44,000% surge in the value of their Ethereum ($ETH) holdings, now worth $39 million.
The whale, as per data from the Ethereum blockchain explorer Etherscan, acquired 16,636 ETH on ShapeShift at $5.23 per token in February 2016. After holding onto their assets untouched for over eight years, the whale recently sold 350 ETH at an average price of $2,340 per token, making a substantial profit from their initial $87,000 investment.
Ethereum’s major token holders have been steadily accumulating more of the cryptocurrency, solidifying their dominance in the market. According to on-chain analysis firm IntoTheBlock, these whale addresses now control over 43% of Ethereum’s circulating supply, closing in on the 48% controlled by retail investors. This accumulation trend among whales began in 2019 and picked up pace in early 2023 following the network’s Shanghai upgrade, enabling the withdrawal of staked Ether.
The whale’s sale comes at a time when Ethereum has been underperforming compared to Bitcoin, with the ETH/BTC trading pair witnessing a decline of over 36% in the past year and more than 22.9% in the last six months. While Bitcoin reached new all-time highs following the launch of spot Bitcoin exchange-traded funds (ETFs) in the US, the impact of Ether ETFs in the country was relatively subdued.
The resurgence of the dormant Ethereum whale highlights the dynamic nature of the cryptocurrency market, where long-standing investments can yield substantial returns over time. Ethereum’s market landscape continues to evolve, shaped by the actions of large holders like the reawakened whale and the ongoing interplay between different market participants.
The crypto space remains a volatile yet potentially lucrative arena for investors, with strategic moves by major players influencing market dynamics and shaping the future trajectory of various digital assets. As cryptocurrencies gain broader acceptance and adoption, the actions of significant holders like the reactivated whale serve as a testament to the potential for substantial wealth creation and value generation within the crypto ecosystem.