Ethereum Genesis Whale Cashes Out For 280 Million Dollars As ETH Touches $2k

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Do you have to HODL all your life in order to gain a significant sum? Apparently not as a so-called Genesis Whale (a holder of a large amount of coins who bought at the ICO, the initial coin offering) held on to his Ethereum for less than 8 years and now sold his stash for a very respectable $280 million.

Genesis

Yes, you’ve heard that right, an address which participated in the ICO of the Ethereum project back in 2014 has just come out of hiding. 145,000 ETH (about $280 million) was moved to multiple other wallets.

What is more impressive than a whale in the crypto environment? A Genesis Whale of course! This particularly legendary breed is known to have participated in the very early ages of major crypto projects in the industry.

Ethereum ICO-era whale address transfers 145,000 ETH weeks prior to the Merge - - #Ethereum #BTC #Crypto… https://t.co/d6mgbOQAMJ

— Genzo Hanz (@HenleyOdelette) August 16, 2022

Normally Genesis Whale news dates back to the era of the Bitcoin wallets created during the “Satoshi Period” (2009-2010), however today’s movement concerns an anonymous investor who participated in the Ethereum ICO in mid-2014.

An Ethereum (ETH) whale wallet that participated in the Genesis Initial Coin Offering (ICO) and obtained about 150,000 ETH in 2014 was activated again on August 14 after three years of dormancy. pic.twitter.com/g9DdBLtzqQ

— BR Group (@BRgroupcompany) August 15, 2022

For the time being, the motivations of the happy owner of this hoard remains unknown. Perhaps it is the anticipation of the imminent The Merge?

According to some on social media, the move could spark:

Fears that the whale might be looking to cash in ahead of the Merge to a Proof-of-Stake Ethereum.

However, let everyone be reassured, even if the sum is substantial (nearly 300 million dollars), it remains insufficient to currently disrupt the Ethereum market, which is doing very well on its own at the moment.