ETH Hits $3k As Dormant Whale Comes Back After 9-Year Break

By Ben Knight February 21, 2024 In Cryptocurrency, Ethereum
Ethereum. Image: Shutterstock
  • An investor who received 3,500 ETH during the initial ICO has moved their coins after nearly a decade.
  • The approval of the spot Bitcoin by the SEC has investors salivating about a potential Ether approval.
  • Whales are investing heavily in Ethereum, with one buying 64K ETH worth over $250M
  • The Total Value Locked on Ethereum has reached its highest point since 2021 as DeFi activity begins to blossom.

The recent crypto rally has seen all sorts of new players enter the scene. The approval and success of the first-ever US spot Bitcoin ETF has particularly drawn in institutional investors who once turned their nose up at digital currencies. However, amid the flurry of activity, there’s one new (well, kind of new) investor who’s entered the fray.

Dormant Whale Erupts While Trading Volumes Surge

Most investors that participated in Ethereum’s initial coin offering (ICO) nearly nine years ago  – how time flies! – have demonstrated at least some activity since the Ether hit their wallets. But the same cannot be said for one “whale”, who has seemingly awoken after a near decade-long slumber. The ICO participant received approximately 3,500 ETH during the initial token distribution. At the time, this amount of ETH was worth approximately AUD $1,500. Now, a single ETH token is worth more than three times that, and the entire holdings can be valued at well over $15M. 

The movement on its own isn’t anything hugely significant – except a reminder of how crypto can make people overnight millionaires  – but points to a broader trend. Major players continue returning or entering the digital currency market in light of the ETF approval. 

Another example came earlier this week, as another whale purchased a whopping 64K ETH – valued at over AUD $250M – in just 11 days.


The absurd spending comes as the price of Ethereum ticked over USD $3K (AUD $4.5K) for the first time since 2022. In even better news, according to analyst DeFi Llama, the Total Value Locked of Ethereum has launched to its highest point since 2021, during DeFi’s hottest bull run to date.

Ethereum (ETH), 7-day graph, source: CoinMarketCap

Most of the interest is on the back of speculation around a spot Ethereum ETF approval in the coming months. Just how big of an impact this may have on Ether’s price is yet to be seen, as BTC’s value continues to adjust to the growing inflows. But we saw just how captivated the crypto community became with the spot BTC fund approval – there’s no doubt Ethereum’s journey toward approval will be just as gripping.

Ben Knight

Ben Knight

Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.

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