Wallet That Bought 2,365 ETH for $730 Wakes Up After 7.7 Years

The whale bought the ETH during the ETH ICO when one token cost $0.31.

A man in a suit pulling out a giant jar with rainbow Ethereum logo on it out of the desert sand.
Created by Gabor Kovacs from DailyCoin
  • The wallet bought the ETH during the ETH ICO in 2014.
  • The price of one ETH token back then was $0.31.
  • The 2,365 ETH in the wallet is now worth $4.42 million.

One of the most popular investing strategies is “buy and hold,” wherein investors buy and hold an asset for an extended period, hoping it will increase in value in the long term.

This strategy’s popularity – and effectiveness – have been documented many times. One example emerged on Monday when a wallet dormant for 7.7 years captured the crypto community’s attention.

Hefty Wallet Awakens

The crypto community became alerted on Monday when a mysterious wallet holding 2,365 ETH made a move after 7.7 years of dormancy.

According to data from Etherscan, the wallet moved 1 ETH to a newly-created address. The wallet currently holds 2,364 ETH, purchased during the Ethereum ICO in 2014.

More interestingly, the owner of the ETH paid just over $730 for the 2,364 ETH they purchased when the price of one ETH was around $0.31. That ETH is now worth over $4.42 million as ETH is trading at roughly $1,850.

On top of that, just a few days ago, an ancient Bitcoin wallet holding 1,128 BTC ($31.1 million) was also activated. The wallet had been dormant for ten years and sent 279 BTC ($7.71 million) to three new addresses.

The address acquired the bitcoin in October 2012 and May 2013, when the price of BTC was $12 and $195, respectively.

On the Flipside

  • What the ancient ETH and BTC owners plan to do with them is unclear.
  • The price of ETH and BTC dumped 10-13% in the past week.

Why You Should Care

It’s interesting to see how investors manage not to touch their investments for ten and more years only to see them grow exponentially.

Read more about recent ETH price action:

ETH Tops $2,100 Despite Withdrawals Outpacing Deposits After Shanghai Upgrade

Read more about Starbucks’ new NFT collection on Polygon:

Starbucks Unveils New NFT Collection on Polygon: Here’s How to Get It

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Arturas Skur

Arturas Skur is a cryptocurrency news reporter at DailyCoin who covers Web 3.0 domains, DeFi, and Ethereum Layer-2s. With over five years of experience in journalism and public relations, Arturas brings his critical thinking and analytical abilities to deliver insightful news stories. In his free time, he enjoys hiking, playing with his dog, and reading.