Ethereum OG Who Banked a 376x Return Is Buying the Dip Again — $8M Already In

An early Ethereum investor who turned a $91,000 entry into $34.2 million is back at the bid. The wallet originally received 12,001 ETH from ShapeShift a decade ago at just $7.58 per token — a position that sat dormant through multiple market cycles before being sold over a year ago for 34.3 million USDC at $2,856 per ETH, locking in a 376x return.

Now, with ETH prices pulling back, the same address has started accumulating again. On-chain data shows 3,942 ETH purchased at an average of $2,049 — roughly $8.08 million deployed so far — with activity suggesting the buying may not be finished.

The move is a textbook dip-buy from a wallet with a demonstrated long-term conviction in Ethereum. At $2,049, the OG is re-entering well below their last exit price of $2,856, giving the position meaningful upside if ETH reclaims prior levels.