- Stash received ETH at 31 cents per token during its ICO.
- Investors will secure a whopping 950719% profit if they decide to sell.
Catching the attention of the broader cryptocurrency market, an Ethereum (ETH) holder woke up from nearly nine years of dormancy on Thursday to transfer his entire holdings to another wallet.
Old ETH on the move
According to Lookonchain, an on-chain data tracking platform, an early investor who received 1,969 ETH in the Ethereum ICO moved 1,960 ETH. The transferred supply was worth $5.8 million at current market prices. Participants received ETH at 31 cents per token as part of the ICO.
The purpose of the transfer has not yet been confirmed at the time of writing. However, there may be several explanations behind this move, the most dominant story being profit-taking. At the current price, investors will secure a huge profit of 950719%.
Other factors include diversifying your portfolio across different tokens.
not the first time
A similar case emerged earlier this year with the previous reactivation of ETH received during Genesis. For example, on March 24, a participant moved the entire 2,000 ETH received during the ICO. Before that, on February 2nd, I transferred 1,732 ETH from my wallet to the cryptocurrency exchange Kraken.
AMBCrypto conducted further investigation using Santiment data and discovered a sharp spike in ETH movements after being inactive for over 5 years. In almost all cases, movement of dormant coins led to price declines. This finding lends support to the profit-taking theory discussed earlier.
Source: Santiment
Is your portfolio green? Check out our ETH Profit Calculator
What is the sentiment surrounding ETH?
At press time, ETH was teetering around the $3,000 range, according to CoinMarketCap. The second-largest cryptocurrency appeared to be recovering from a rough spell last month, when it plunged about 10%.
Sentiment surrounding the coin in the futures market has changed dramatically over the past 24 hours. AMBCrypto’s analysis of Coinglass data shows that the number of traders selling ETH has increased compared to those eager for it.
