Ancient ETH Wallet Awakens with 1,092,728% Profit As Ethereum Plunges

Blockchain tracking platform Whale Alert, which traces down large cryptocurrency transfers, has detected the awakening of an ancient cryptocurrency whale that holds millions of dollars worth of Ethereum.

The tweet specified that this wallet was a pre-mine address that returned to active life after 9.4 years and contained 1,940 ETH.

Ethereum ICO participant comes back with huge profit

Adding more details to this, the @lookonchain analytics account tweeted that this pre-mine whale was an Ethereum initial coin offering (ICO) participant who received his 1,940 ETH from the Ethereum Genesis block. Back in 2014, his Ethers cost $601, while now it is valued at $6,567,522, which constitutes a 1,092,728% surge in value.

Whale activity regarding Ethereum has been high overall this week. On Thursday, Whale Alert shared details of several other large ETH transactions: 15,000 ETH was withdrawn from the world’s biggest crypto trading platform, Binance, and 47,534 ETH was exchanged between two anonymous digital wallets. These transactions were worth $50,710,678 and $164,899,942, respectively.

Ethereum market performance

Over the last two days, the second largest cryptocurrency Ethereum has experienced a decline of roughly 5%, dropping from $3,495 to $3,320. By now, ETH has printed a marginal 3% rise, going up to $3,420 per coin.

Earlier this month, Ethereum faced a staggering 22% crash as it collapsed from the $4,026 zone to the $3,102 level. This fall mirrored the collapse of Bitcoin, which occurred once Fed boss Powell announced that the Fed would reduce its dovish activity next year.

BlackRock’s Ethereum ETF surpasses Bitcoin ETF

As reported by U.Today, this week Blackrock’s spot Ethereum ETF – the iShares Ethereum Trust ETF (ETHA) – greatly surpassed the spot Bitcoin ETF operated by the same wealth management company.

On Tuesday, ETHA recorded total inflows of approximately $44 million, while the iShares Bitcoin Trust ETF (IBIT) faced massive outflows of roughly $188 million on the same day.

Spot exchange-traded funds based on Bitcoin were approved by the US Securities and Exchange Commission in January after almost a year from the day when the filings were submitted to the regulator. It took the SEC much less time to consider the filings for spot Ethereum ETFs and the approval was issued in May this year and they began trading roughly two months later.