Ethereum Whale Sells ETH After Holding for Over Eight Years: On-Chain Analysis
A large crypto investor, known as a whale, recently made significant moves in the Ethereum market after being dormant for over eight years, according to blockchain data.
The whale acquired 16,636 ETH valued at around $186,840 in 2015 from ShapeShift, a crypto exchange based in Switzerland. Analysis indicates that the average cost of accumulating this ETH stack was approximately $11.21.
After obtaining the ETH from ShapeShift, the whale transferred it to another address where it remained untouched for eight years. However, the situation changed recently when the investor shifted the ETH to a Gnosis Safe wallet, converting it into Wrapped Ethereum (WETH), an ERC-20 token pegged at a 1:1 ratio to Ethereum.
Data from Arkham reveals that the whale sold about 788 ETH via the CoW Protocol platform, resulting in $1.83 million in USDT stablecoin. Currently, the whale still holds 15,848 WETH valued at $36.43 million.
Overall, the entity now possesses crypto assets worth $38.258 million, indicating a substantial increase of over 20,300% from the initial investment.
These actions by the whale occurred amidst Ethereum facing challenges in maintaining bullish momentum this year. Although ETH began the year at $2,279 and peaked at $4,070 in March, it has since retraced and is currently trading at $2,290.
The sudden activity of this whale illustrates the dynamic nature of the crypto market and the potential for significant gains and movements within it.
