A major Ethereum whale, holding 398,891 $ETH ($1.14 billion), has sold a portion of its holdings, moving 29,897 $ETH for 84.87 million $USDC. The sale was executed at an average price of $2,839 per ETH, following a recent price surge. The whale bought the Ethereum at an average of $3.5 per coin and has earned an astonishing $84.7 million or 810 times its investment.
The whale with 398,891 $ETH($1.14B) has sold 29,897 $ETH for 84.87M $USDC at $2,839 after the $ETH price rose!
The buying cost was only ~$3.5, and has realized a profit of $84.7M, an 810x return!
The whale still holds 368,992 $ETH($1.07B).https://t.co/RioFfsKgXZ pic.twitter.com/xvNzIwHHNF
— Lookonchain (@lookonchain) November 8, 2024
Ethereum Whale Sells 13,400 ETH After 8 Years of Dormancy
Even after the sale, the whale still holds 368,992 $ETH, which, at today’s prices, would be equivalent to about $1.07 billion. This sell-off is the first significant transaction that took place from this wallet since it was last active almost eight years ago.
On November 7, the whale started selling its holdings, selling 13,400 $ETH worth $37.38 million with an average price of $2,790 per ETH. This specific recent activity has elicited a lot of discussion in the crypto community because it shows that a holder who has been holding on to his coins for a long time is now selling them more frequently.
Ethereum Whale’s Early Buys Linked to ShapeShift in 2016
The whale’s ETH hoard can be traced back to 28 individual wallets that started buying the cryptocurrency as early as January 2016. These wallets purchased $ETH on ShapeShift at an average of about $3.5 per ETH. All 28 wallets moved their Ethereum to new addresses in August 2016, which suggests that the transactions were made by one subject.
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