A dormant Ethereum wallet from the blockchain's earliest days has sprung back to life after 9.4 years, revealing a staggering return on investment amid recent market volatility.
The pre-mine wallet, belonging to an early Ethereum ICO participant, contains 1,940 ETH received from the Genesis block in 2014. What started as a modest $601 investment has ballooned to over $6.5 million, marking an astronomical 1,092,728% profit.
The wallet's reactivation comes during a period of intense whale activity in the Ethereum ecosystem. Major cryptocurrency movements this week included a 15,000 ETH withdrawal from Binance valued at $50.7 million, alongside a transfer of 47,534 ETH worth $164.9 million between anonymous wallets.
Meanwhile, Ethereum's price has experienced turbulence, dropping approximately 5% from $3,495 to $3,320 over two days, before recovering slightly to $3,420. This follows a more dramatic 22% decline earlier in the month, triggered by Federal Reserve Chairman Powell's announcement about reduced dovish monetary policy.
In related developments, BlackRock's iShares Ethereum Trust ETF (ETHA) has outperformed its Bitcoin counterpart. ETHA recorded $44 million in inflows on Tuesday, while the iShares Bitcoin Trust ETF (IBIT) experienced substantial outflows of $188 million.
The SEC approved spot Ethereum ETFs in May, following January's landmark Bitcoin ETF approval, marking a new chapter in cryptocurrency investment accessibility for traditional investors.
This convergence of events - from dormant wallet activations to institutional investment flows - highlights the evolving landscape of Ethereum's market dynamics and its growing mainstream adoption.