Ethereum Whale Nets $146 Million After Two-Year Hold

An Ethereum whale has completed the withdrawal of 96,638.9 ETH ($374.87 million at the time of writing), initially purchased on Coinbase two years ago. On November 9, the whale transferred the final 11,638.9 ETH ($46.4 million) to the Kraken exchange.

The estimated profit for the user amounted to approximately $146 million — a 96% return on the initial investment.

The whale acquired the coins in 2022 at $1567 each. From March to December 2024, the entire amount was withdrawn in eight transactions at an average price of $3078.

At the time of writing, Ethereum is trading at $3880, with a market capitalization of approximately $468 billion.

In early November, analysts at Lookonchain noted that a major Ethereum holder with 398,891 ETH in their wallet began selling coins after eight years of inactivity. The whale’s reactivation coincided with a price increase to $2800.

On November 28, one of Ethereum’s co-founders, Jeffrey Wilcke, sent 20,000 ETH to the Kraken exchange — his fourth sale in 2024. This transaction occurred amid a price rise to $3700.

Once again, whale transactions are aligning with Ethereum’s price surge. Experts have speculated that the coin could reach a new all-time high in the coming days. The previous record was set on November 10, 2021, at $4878.

Previously, a trader known as Wolf suggested that Ethereum’s price could rise to $20,000, based on technical analysis of the chart over the past three years.