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Fears tend to mount whenever an OG crypto whale starts shifting funds, but this one used it to double down on the blockchain network.
Another Ethereum whale has just woken from dormancy after a decade of silence — but rather than sell, the whale has deployed its entire stash into staking.
The Ether (ETH) wallet holds 40,000 tokens, which the holder paid around $12,000 for during Ethereum’s genesis block launch in July 2015, according to blockchain data platform Lookonchain. It is now worth $120 million.
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However, rather than move the funds to a cryptocurrency exchange deposit address, the ICO-era whale has instead staked their entire ETH holding, suggesting the whale is doubling down on their conviction in Ethereum.