Ethereum Whale Nets $131 Million in Two Years

In 2022, an anonymous investor put approximately $151.42 million into Ethereum, turning it into $283.15 million. This caught the attention of analysts at Lookonchain.

This is a smart diamond hand, buying $ETH in the bear market and selling $ETH in the bull market, making $131.72M!

This whale bought 96,639 $ETH($151.42M) from #Coinbase at $1,567 on Sept 3 and Sept 4, 2022.

Then deposited 70,000 $ETH($214.34M) at $3,062 to #Kraken since Mar… pic.twitter.com/yuAe5LMy7h

— Lookonchain (@lookonchain) September 22, 2024

On September 3 and 4, 2022, the investor acquired 96,639 ETH during a bear market at an average price of $1,567 on the cryptocurrency exchange Coinbase, spending a total of $151.42 million.

Starting March 6, 2024, the user transferred 70,000 ETH in six transactions to the trading platform Kraken at a rate of $3,062, amounting to $214.34 million. On Coinbase, 26,639 ETH remained, valued at $68.81 million.

Thus, over approximately two years, the investor earned about $131.72 million, an 87% increase.

Experts at Spot On Chain noted that the last two deposits by this Ethereum whale occurred just before a sharp price drop of the second-largest cryptocurrency by market capitalization:

• 10,000 ETH — July 25 (-7.6%);
• 15,000 ETH — August 20 (-2.5%).

The diamond-hand whale “0x682” deposited 15,000 $ETH ($38.4M) to #Kraken again 8 hours ago!

Notably, in the last 2 deposits, the whale unloaded $ETH right before the price dropped sharply, including:
• 10K $ETH ($34.2M) on Jul 25, before a 7.6% price drop,
• 15K $ETH ($39.7M)… https://t.co/VZglPwpAFd pic.twitter.com/cUNkwvL9VZ

— Spot On Chain (@spotonchain) September 22, 2024

Previously, the investor, who had bought 16,636 ETH for $87,135 in February 2016, began partially realizing profits.

In July, a whale who received 1 million ETH during the ICO started transferring assets to OKX. Over the month, they sent 48,500 ETH to the platform at an average price of $3,176.

In April, an early Ethereum investor moved 1,069 ETH to the Kraken exchange.