David Edwards
A previously inactive Ethereum (ETH) holder has recently emerged, seemingly to capitalize on substantial gains of nearly 700% on over 47,260 ETH they acquired between June and August 2017 at an average price of $240 per token.
According to the on-chain analysis service Lookonchain, this individual has now transferred the remaining 39,260 ETH, valued at $87.5 million, to the popular cryptocurrency exchange Kraken. This significant increase in value is in contrast to the initial worth of around $11.34 million when they originally acquired the assets, resulting in a potential net profit of $78 million, representing a gain of approximately 670%.
This move coincides with a period during which institutional investors have notably increased their holdings of ETH, demonstrating renewed confidence in the cryptocurrency’s long-term potential. This trend has been analyzed by the analytics firm CryptoQuant, which has observed a growing pattern of institutional investors investing in the second-largest cryptocurrency by market capitalization through various channels, including trusts, exchange-traded products, and investment funds.
According to CryptoQuant’s analysis, the surge in institutional interest in Ethereum reflects a strong belief in its enduring value and its potential for further growth in the market. These investors are not merely reacting to current market trends but are also considering Ethereum’s promising future, including the anticipated implementation of Ethereum 2.0 and other enhancements, which are seen as significant drivers of its potential success.
