Benzinga - An early Ethereum (CRYPTO: ETH) investor springs into action as the cryptocurrency’s value crosses the $3,000 threshold, marking a milestone not seen in nearly a year.
What Happened: Ethereum has breached the $3,000 price point for the first time since the spring of the previous year.
Ethereum’s year-to-date gains now stand at 31.2%, surpassing Bitcoin’s (CRYPTO: BTC) 22.7% gains during a similar period.
Analysis by the firm Lookonchain caught an instance of sudden activity from a long-inactive participant of Ethereum’s initial coin offering (ICO), who, after a dormancy of over eight years, transferred 1,732 ETH—valued at around $5.15 million—to the Kraken exchange.
Lookonchain tweeted, “After the price of $ETH surpassed $3,000, an #Ethereum ICO participant woke up after 8.6 years of dormancy and deposited 1,732 $ETH($5.15M) to #Kraken.”
After the price of $ETH surpassed $3,000, an #Ethereum ICO participant woke up after 8.6 years of dormancy and deposited 1,732 $ETH($5.15M) to #Kraken.He received 3,465 $ETH($10.3M) at #Ethereum Genesis, the ETH ICO price is ~$0.31.https://t.co/K6xOHILdne pic.twitter.com/o50JKxXxzP
— Lookonchain (@lookonchain) February 20, 2024
This individual originally received 3,465 ETH at Ethereum’s inception, with an initial cost of approximately $0.31 per ETH.
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Why It Matters: The surge in ETH value to over $3,000 comes amid the buzz around the anticipated spot Ethereum exchange-traded fund (ETF) approval from Securities and Exchange Commision (SEC) and the integration of the Ethereum Improvement Proposal (EIP) 4844 in the upcoming Dencun upgrade.
Betting markets and analysts are assessing the probabilities of these events, with Polymarket signaling a 45% chance of an ETH ETF getting the green light by the end of May. In contrast, Bloomberg analyst Eric Balchunas offers a more optimistic 70% probability.
It should be noted that the last time ETH exceeded the $3,000 mark was on May 4, 2022.
Price Action: At the time of writing, ETH was trading at $3,006.63, up 2.73% over the past 24 hours, as reported by Benzinga Pro.
Photo by Tomasz Makowski on Shutterstock
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