The post Ethereum Whale: Long Dormant, Wakes Up To 44,600% Gains appeared on BitcoinEthereumNews.com.

A long-dormant Ethereum whale has come back to life, shifting 16,636 ETH after remaining inactive for over eight years. The whale, who originally received the ETH in February 2016, has managed to transform an initial $8,706 investment into an eye-popping $38 million. With a 44,600% return on their holdings, the whale’s move is now drawing significant attention from the crypto community. On September 15 at 7:25 PM (UTC), on-chain data recorded the whale’s first transaction in almost a decade. The 16,636 ETH, initially received from ShapeShift in 2016, was moved through a series of three different addresses. Then it finally landed in a new wallet labeled “0x34…e0ba.” Rather than simply holding onto the Ethereum stash, the whale began selling portions of it for stablecoins. This is a strategy often used by investors looking to lock in profits or hedge against volatility. Per Arkham’s analysis, the whale converted most of the ETH into wrapped Ethereum (wETH), the wallet now holding 16,199 wETH. In a notable move, the whale sold 437.8 wETH in five transactions, converting it into $1.025 million worth of Tether (USDT). This suggests the whale may be preparing for further market moves, or possibly diversifying away from Ethereum to secure profits in a stable asset. The whale didn’t stop there. Data shows that they briefly purchased some Livepeer (LPT) tokens before reselling them, indicating that this whale may now be taking a more active role in trading after years of dormancy. The whale’s staggering 44,600% return is a testament to the benefits of long-term holding in cryptocurrency markets. Back in February 2016, Ethereum was trading at just $5.23 per token. Today, with the price around $1,850, the whale’s initial investment of $8,706 has ballooned to over $38 million. This type of massive return is rare. But it is not…

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Filed under: News - @ September 17, 2024 9:25 am