Another Ethereum whale that has been silent for a long time has come back after a period of ten years and instead of selling, the whole amount has been committed for staking.
According to blockchain tracker Lookonchain, the wallet that contains 40,000 ETH which was bought during Ethereum’s 2015 genesis sale for about $12,000 is now worth almost $120 million.
By staking the maximum amount, the early investor demonstrated strong confidence in Ethereum’s long-term growth instead of transferring the funds to an exchange for sale.
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The whale’s move is contrary to the prevailing market sentiment of recent weeks when many analysts have been discussing whale-led selling pressure and connecting price swings with large holders unloading their crypto.
Heavy Selling and New Staking Activity
Let’s take a look at some of these early Ethereum whales that have been active recently. One such whale came to light in November when it began to dispose of its ETH bag consisting of 254,908 ETH that was acquired in full during the original ICO. Thus, this whale first made a sale of 20,000 ETH and later continued selling at lower amounts till its balance came down to about $9.3 million worth of Ether as on Saturday.
In the meantime, a different person who held on to his Ethereum stash for a long time and who had built up his stock of 154,076 ETH starting from 2017 moved 18,000 coins to the exchange Bitstamp. This whale had already sold a total of 87,824 ETH at a price of $1,694 on average per coin.
At the same time a larger wallet from the ICO period which had remained dormant for eight years and was woken up in September was on a different page. The early investor who purchased 1 million ETH during the launch of the coin was not selling but was shifting 150,000 ETH to a different wallet where it would be staked showing that the investor has faith in the network’s long-term value.
