Site iconSite icon ForkLog

Ethereum Whale Begins Liquidating Part of 16,636 ETH Holdings

Ethereum Whale Begins Liquidating Part of 16,636 ETH Holdings

An investor who acquired 16,636 ETH in February 2016 for $87,135 has begun to partially realise profits.

According to EmberCN, the trader acquired the assets approximately eight and a half years ago via the ShapeShift platform at $5.23 per coin.

At the time of writing, his holdings are valued at approximately $38.2 million, representing a 446-fold “paper” profit.

On the night of September 16, the user began selling assets. According to on-chain data, he exchanged about 525 ETH in several hours, in six batches of 87.5 ETH each. The investor received a total of ~$1.23 million ($2342 per coin).

The whale commenced transactions alongside a decline in Ethereum’s price. Over the past 24 hours, the second-largest cryptocurrency by market capitalisation fell from $2400 to $2280, a drop of 5.5%.

Additionally, the ETH/BTC pair reached a 3.5-year low, falling below 0.04 BTC. Since the activation of the The Merge update in September 2022, the decline has been 53%.

Weekly ETH/BTC chart on Binance. Data: TradingView.

Back in July, a whale who purchased 1 million ETH during the ICO began transferring assets to OKX. Over a month, he sent 48,500 ETH to the platform at an average price of $3176.

In April, an early Ethereum investor moved 1069 ETH to the Kraken exchange.

Exit mobile version