A Bitcoin wallet that had been inactive for several years has resurfaced today by selling its BTC and investing in Ethereum. This event has garnered significant attention from both institutional and retail investors.
Return of the Bitcoin Whale
A dormant wallet has become active again today. According to market watcher Lookonchain, the wallet received 100,784 BTC for approximately $642 million, which it sold to buy Ethereum. At the beginning of 2018, BTC traded for around $13,000, representing substantial profits today with the current price around $113,000, implying a 1,613% return on investment.
ETH in Investors' Focus
Ethereum is currently receiving significant attention, up over 60% from this time last year, trading around $4,300, with a recent peak of over $4,700. This price movement has spurred increased interest in ETH from various investors.
Institutional Investments in ETH
Institutions are actively investing in Ethereum through treasury companies and ETFs. Tom Lee's BitMine leads in treasury holdings, while BlackRock’s iShares Ethereum Trust ETF has substantial assets, holding 1.5 million ETH and 3.54 million ETH respectively. Currently, over $44 billion in Ether is divided between treasuries and ETFs, representing nearly 9% of the total supply.
The activation of the Bitcoin wallet and the growing interest in Ethereum highlight the changing dynamics of the crypto market, where investments in ETH are becoming increasingly significant.
