Sells Over $37 Million in ETH After 8-Year Silence
The post Sells Over $37 Million in ETH After 8-Year Silence appeared on BitcoinEthereumNews.com.
An Ethereum whale that has been dormant for over eight years has reemerged, liquidating a significant portion of its holdings. The whale, holding 398,891 ETH valued at approximately $1.14 billion, began offloading assets today, marking the first major activity from this address since it accumulated Ethereum at the token’s inception. A whale with 398,891 $ETH($1.14B) began selling today after being dormant for over 8 years! In the past 6 hours, 13,400 $ETH($37.38M) has been sold at an average price of $2,790. We identified 28 wallets that all started accumulating $ETH from #ShapeShift in January 2016, at an… pic.twitter.com/cy4C0EmuJh — Lookonchain (@lookonchain) November 7, 2024 According to data, over the past six hours, the whale sold a staggering 13,400 ETH, amounting to $37.38 million. This sale took place at an average price of $2,790 per ETH, a substantial return compared to the whale’s initial investment in Ethereum. These ETH tokens were originally accumulated in 2016 through 28 separate wallets, each likely linked to a single entity or individual. According to blockchain data, the whale’s initial purchase price averaged around $3.5 per ETH, making this sale highly profitable. The whale’s holdings trace back to January 2016, when it began accumulating ETH via the ShapeShift exchange. After amassing its assets, the whale transferred the ETH from the original 28 wallets to new addresses in August 2016, where it remained untouched for years. This dormant behavior suggests that the whale either had a long-term holding strategy or was waiting for Ethereum’s value to appreciate substantially before liquidating. Recent Sales Net 802x Returns, Sparking Market Impact In a recent transaction, the whale sold 11,005 ETH at a price of $2,777 per token, realizing a total of $30.56 million from this single trade. Given the initial acquisition cost of approximately $3.46 per ETH, this sale reflects…
Filed under: News - @ November 8, 2024 3:21 am