Whale Who Bought Ethereum at $50 Moves: Millions of Dollars in ETH Sent to Exchange

pinosaur.eth, who bought Ethereum for $50 nine years ago, unstaked all 9,618 ETH and sent assets worth approximately $24.6 million to Kraken.

According to an October 8 post by Lookonchain, the early Ethereum investor made the transfer about eight hours before the post. The ETH deposited on the exchange was valued at $24.58 million.

What makes the move notable is that the investor entered Ethereum at much lower prices. Nine years ago, pinosaur.eth bought 7,459 ETH at an average cost of about $50 per coin, spending approximately $373,000.

Value of the early purchase has increased about 52-fold

According to Lookonchain’s valuation, the 7,459 ETH bought at the time is now worth about $19.26 million. That is approximately 52 times the amount originally spent.

The latest transfer is larger than that past purchase: the amount moved to Kraken was 9,618 ETH. Therefore, the 52-fold value comparison applies to the earlier 7,459 ETH purchase; it does not show the cost basis or realized profit on the entire balance transferred.

Staked balance moved to Kraken

The investor withdrew all 9,618 ETH they had staked and deposited it on the exchange. This move transferred the assets to an exchange account, but no information was shared indicating that the ETH had been sold.