- Early Ethereum investors moved funds to Kraken after a 1,200,000% appreciation.
- SEC’s approval of spot Ether ETFs impacts the crypto market significantly.
Having made their initial investment during Ethereum’s initial token offering (ICO), two early Ethereum investors have now transferred their money to ostensibly cash out following a startling 1,200,000% increase, according to Lookonchain.
On-chain analysis firm Lookonchain reports that two different Ethereum ICO participants have just made a total deposit of 9,518 ETH onto the well-known centralized cryptocurrency exchange Kraken, which was valued at about $36.3 million at the time of deposit.
This action, which makes use of the enormous profits achieved over the years, demonstrates a major change in their investment approach.
2 #Ethereum ICO participants deposited 9,518 $ETH($36.33M) into #Kraken today.
They received 200K $ETH(cost is $62K, currently worth $767M) at #Ethereum Genesis, the ETH ICO price is ~$0.31.https://t.co/MpZNj3UUdzhttps://t.co/cotXncC1s2https://t.co/BUVl4EfUkb… pic.twitter.com/9AK55Y4E8X
— Lookonchain (@lookonchain) June 3, 2024
Initial Investment and Remarkable Growth
The deposit came after their original Ethereum Genesis investment, when one ETH was valued at roughly $0.31. Since then, their monies’ value has increased 1,200,000%; one ETH is currently worth about $3,780.
The ICO participants only shifted part of their 200,000 ETH, which they bought for $62,000, despite this large deposit. Right now, their holdings are worth much more than $750 million.
These early investors’ purchases followed the approval of form 19b-4 filings for multiple spot Ether exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) recently. This approval rocked the crypto world, enabling these products to begin trading and maybe changing the Ethereum investment landscape.
Impact of Ethereum’s Transition and EIP-1559Â
Data show that approximately $16.6 billion worth of Ether has been burned after the cryptocurrency switched to a proof-of-stake consensus process and following the London hard fork.
Ethereum Improvement Proposal (EIP) 1559 was implemented as part of the London hard fork, which altered the way transaction fees operate on the network, increasing its efficiency and maybe long-term worth.
At the time of writing, ETH was valued at about $3,777.13, down 0.67% from the previous day, according to CoinMarketCap data. ETH has also been trending bearish over the last seven days, falling by 1.64%.
Meanwhile, ETHNews previously reported that as ARK Invest pulls out of the spot ETH market, 21Shares is working on an Ethereum ETF on its own. ARK Invest declared it would not be participating in the spot Ethereum ETF market at this time.