The original Ethereum ICO participant chose to stake rather than deposit funds to a cryptocurrency exchange, suggesting conviction in the network's future.
Ethereum News
An Ethereum wallet holding 40,000 tokens purchased during the 2015 genesis block launch has moved its entire $120 million holdings into staking rather than selling. The decade-old wallet paid approximately $12,000 for the position, according to blockchain data platform Lookonchain.
The original Ethereum ICO participant chose to stake rather than deposit funds to a cryptocurrency exchange, suggesting conviction in the network's future. The move contrasts with recent activity from other early holders who have been selling portions of their positions.
Another ICO-era wallet holding 254,908 tokens began selling on Nov. 26, offloading 20,000 Ethereum initially before gradually reducing holdings to just $9.3 million as of Saturday. A separate holder who accumulated 154,076 Ethereum starting in 2017 sent 18,000 tokens to Bitstamp after previously selling 87,824 tokens at an average price of $1,694.
A larger wallet that awoke after eight years in September also opted for staking, moving 150,000 of its 1 million tokens acquired during Ethereum's genesis to a new wallet for that purpose. The mixed behavior among early holders reflects different strategies as the network matures.
Top Ethereum addresses continue to accumulate despite some selling pressure from original investors. Supply held by the top 1% of addresses rose to 97.6% last Wednesday, up from 96.1% one year ago, according to blockchain data platform Glassnode.
The Eth2 Beacon Deposit Contract holds the most Ethereum at 72.4 million tokens worth approximately $203 billion, representing roughly 60% of total supply according to blockchain intelligence platform Arkham. Exchange Binance holds the second-largest amount with 4 million tokens.
Asset manager BlackRock completes the top three holders with 3.9 million Ethereum in its stash. The concentration among major holders and continued accumulation patterns suggest institutional confidence in Ethereum's long-term prospects despite recent price volatility affecting the broader market.
Fears typically mount when original crypto whales start moving funds, but this particular holder used the opportunity to increase network participation. The decision to stake represents a long-term commitment to Ethereum's proof-of-stake consensus mechanism and its economic model.
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