- An early Ethereum investor, Thomas G., bought $19.5 million worth of Ethereum over the past week.
- The wallet held over $538 million in Ethereum, Wrapped Bitcoin, and Dai in 2021.
- Recent transactions included a $3 million Ethereum purchase through decentralized protocols.
An early Ethereum investor is buying again this week after exiting positions during the 2021 cycle, according to on-chain data.
First flagged by on-chain firm Arkham Intelligence, data from the wallet linked to early Ethereum investor Thomas G. shows it purchased $19.5 million in Ethereum over the past week, including a $3 million transaction on Tuesday.
The address had previously held roughly $538 million in crypto assets at the 2021 market peak, including Ethereum, Wrapped Bitcoin (WBTC), and stablecoin DAI. The wallet currently holds roughly $1.5 million.
Wrapped Bitcoin is a tokenized version of Bitcoin (BTC) that operates on the Ethereum network, allowing holders to use Bitcoin within decentralized finance applications. WBTC was trading at $70,584, up by 0.4% over 24 hours. The retail sentiment around WBTC remained in the ‘bullish’ territory, as chatter levels around it remained ‘low’ over the past day.
Transaction data showed transfers of the Circle-issued stablecoin USDC and Wrapped Ethereum (WETH) via on-chain protocols. According to Arkham data, the wallet’s balance history showed a sharp reduction after 2021, likely due to selling, and has now been followed by a gradual rebuilding phase over the last few months, a move generally seen in ‘smart money’. Smart money is an investing approach managed by experts who can predict market trends and maximize returns.
Ethereum was trading at around $2,155, 0.1% down over the past day. The asset moved within a narrow intraday range between $2,118 and $2,163. On Stocktwits, the retail sentiment around ETH remained in the ‘bullish’ territory, as chatter levels around it remained ‘high’ over the past day.
DAI is a U.S. dollar-pegged stablecoin designed to maintain a stable value and is widely used for trading and lending across the ecosystem. DAI was trading at $1 over the past 24 hours.
Ethereum Whale Activity Increases
Recent on-chain data has also showed similar accumulation trends among early Ethereum investors. An OG Ethereum community member, 0xbilly, purchased roughly $17.5 million worth of Ethereum on Monday, including a transfer of 4,650 ETH valued at about $10.45 million. The investor has been active since Ethereum’s early years in 2014, and the wallet currently holds around $11.8 million in crypto assets, primarily in Ethereum.
Ethereum has also seen increasing participation from large institutions recently. Arkham data showed that Bitmine (BMNR) recently staked 94,670 Ethereum worth roughly $204 million. ETH is increasingly used in long-term yield strategies by investment firms.
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