Two early Ethereum investors have recently moved the funds that they acquired at the time of the network’s initial coin offering (ICO), to seemingly cash out their funds after they appreciated around 1,200,000% from their purchase price.

According to on-chain analysis service Lookonchain, two separate Ethereum ICO participants have recently deposited a total of 9,518 ETH worth around $36.3 million at the time of the deposit onto popular centralized cryptocurrency exchange Kraken.

The deposit came after they invested in the now second-largest cryptocurrency by market capitalization at the time of its Genesis, with its price then being of around $0.31 per ETH, meaning that the value of their funds appreciate 1,200,000% since then, with one ETH now trading at $3,780.

The ICO participants, however, deposited only a portion of the 200,000 ETH their received at the time they purchased it during the ICO, having spent $62,000 on the cryptocurrency, with their holdings now worth well over $750 million.

The transactions came after the U.S. Securities and Exchange Commission (SEC) recently approved form 19b-4 filings for several spot Ether exchange-traded funds (ETFs), a move that sent shockwaves through the cryptocurrency market and paving the way for these products to start trading.

Michael Nadeau, a prominent crypto analyst, recently provided an in-depth analysis of the current and future state of the cryptocurrency market, with a particular focus on Bitcoin and Ethereum, suggesting ETH could significantly outperform BTC in the near future.

On top of that, data shows that since Ethereum transitioned into a Proof-of-Stake consensus algorithm and after the London hard fork, over $16.6 billion worth of the cryptocurrency have been burned.

The London hard fork included the implementation of Ethereum Improvement Proposal (EIP) 1559, which changed the way transaction fees on the network work. 

Featured image via Pixabay.