In a striking development, a long-dormant Ethereum Initial Coin Offering (ICO) participant, known by the wallet address "0xCc60," has resurfaced, making a significant transfer of 86 ETH, valued at over $325,000, to prominent U.S. cryptocurrency exchange Coinbase.

The origin of this Ethereum haul dates back to the Genesis Block, where Ethereum tokens were first distributed during the ICO period at a mere $0.31 each. Fast forward to today, with Ethereum priced at $3,850, the value of this transaction underscores the remarkable appreciation of the digital asset.

This notable movement of funds comes amidst a fervent atmosphere surrounding the pending decision on Ethereum Exchange-Traded Funds (ETFs). In recent days, optimism has surged within the cryptocurrency community regarding the likelihood of SEC approval for Ethereum ETFs. This sentiment has propelled Ethereum's price upwards by more than 23% since the week's outset.

Market analysts now assess a 75% probability of SEC approval for Ethereum ETFs, spurred by the regulatory body's engagement with Ethereum issuers via Form S-1 filings. Furthermore, bipartisan pressure from lawmakers urging SEC Chair Gary Gensler to greenlight spot Ethereum ETFs has intensified anticipation.

While the motives behind the Ethereum whale's transfer remain speculative, it could be interpreted as a strategic maneuver to leverage favorable market conditions or simply as a show of confidence from the holder. Interestingly, this whale isn't the sole major player making notable moves.

Ethereum co-founder Jeffrey Wilcke recently transferred 10,000 ETH, worth approximately $37.4 million, to U.S. exchange Kraken. This transaction is part of a series of significant transfers by Wilcke, totaling 24,300 ETH since the beginning of 2024, amounting to roughly $75 million.