Ethereum Genesis Era Whale Reactivates, Stakes $7.4M ETH

An Ethereum large investor belonging to the Genesis era woke up after lying dormant for over 2 years. According to data from Lookonchain, the whale in question created a contract a few hours back and staked 4,032 ETH worth roughly $7.4 million.

The tweet from the analytics platform identified the whale to be an Ethereum ICO participant which received a whopping 60K ETH at Genesis.

From July 22 to September 2, 2014, Ethereum held its ICO. It is regarded as one of the most prosperous ICOs thus far. Over 31,000 Bitcoins, or $18 million at the time of the ICO, were raised by Ethereum.

Investors purchased ETH in the open crowd sale in exchange for Bitcoin.

In late April, an Ethereum holder who received 2,365 ETH tokens during the event also executed the first transaction from the ICO wallet, according to the on-chain analyst, Lookonchain.

After 7.7 years, the ICO participant transferred 1 ETH to a new address as reported by TronWeekly.

The Ethereum network has expanded, and undergone numerous important upgrades. In terms of price, ETH lost more than 50% during the bear market of 2022 after reaching an all-time high of $4,842 in 2021 before beginning to show signs of recovery in 2023.

As of the time of writing, ETH trades at $1,826.

After failing to maintain the $2k level for almost a month, many ETH holders have given up their coins. But of late, the selling pressure has eased up near the $1,800 price range.

According to recent statistics, whales might be preventing the price of ETH from growing. Over 1,000 ETH addresses are apparently not interested in re-accumulating ETH at the present price.

Ethereum Whales Stifling The Bulls

The majority of the whale cohort holding at least 1,000 ETH has been adding to the selling pressure per the supply distribution metric.

However, over the past four weeks, addresses holding more than 10 million bitcoin have accumulated. As of May 17, this cohort of addresses held 17.75% of the total amount of ETH in circulation.

Nonetheless, these addresses won’t have a major impact on the market because there aren’t many of them owning more than 10 million ETH. It’s also possible that such addresses are associated with exchanges.