Dormant Ethereum Whale Sells ETH for $222M Profit

What’s Next for ETH?

Bullish sentiment in the cryptocurrency market has revived dormant investors, including an Ethereum (ETH) whale who recently made massive profits after eight years of inactivity.

Eight-Year HODL Ends with a Massive Payday

According to Lookonchain, this whale accumulated 398,889 ETH between January and March 2016, at an average price of just $6 per ETH. The total investment of $2.4 million has now skyrocketed in value. On November 7, after Ethereum breached its $2,600 resistance, the whale began offloading their holdings.

The first sale occurred when ETH was trading at $2,820, with the whale selling 73,356 ETH for approximately $224.42 million. This represents a staggering profit of $222.02 million for less than one-sixth of their total holdings. The whale still holds 325,533 ETH, valued at over $1.3 billion at current market prices.

Market Speculation and Potential Impact

The whale’s sudden activity has ignited speculation within the Ethereum community. Some believe that continued selling could trigger a domino effect, where other whales offload their holdings, potentially exerting downward pressure on ETH’s price during the ongoing bull run.

Others argue that the whale’s action demonstrates the potential of long-term investments in Ethereum, bolstering confidence in its value proposition.

What’s Next for ETH?

While the whale’s profit-taking has caught the market's attention, Ethereum’s price action remains strong amid the bull market. Investors will closely watch whether the whale continues to sell or holds onto their remaining fortune.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Ethereum Whale

Sujit Kumar

Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.