A long-dormant Ethereum (ETH) wallet suddenly sold all $4.18 million worth of its ETH on Tuesday, according to the crypto tracker Lookonchain.
The wallet had held on to 2,591 ETH since November 2018, when the second-largest crypto asset by market cap was trading at around $110.
Ethereum is trading at $1,634 at time of writing, meaning the whale’s ETH holdings skyrocketed by a staggering 1,385% in nearly five years.
Lookonchain notes the whale swapped the Ethereum for the stablecoins USDT and DAI.
It’s not the only large wallet to dump its Ethereum holdings after a long period of inactivity: Lookonchain also reports that a different whale had been dormant for two years before transferring 10,000 ETH worth $16.5 million last week. It later deposited 10,000 ETH to the crypto exchanges Binance, KuCoin, and OKX via three addresses.
According to the blockchain tracker, that second whale also transferred another 10,000 ETH this week.
Ethereum whales have demonstrated bearish behavior in the second and third quarters of 2023, according to the crypto analytics firm Santiment.
Explained Santiment’s director of marketing Brian Quinlivan in late August,
“There has been about a 4-month-long dump in supply from addresses holding between 10 and 10,000 ETH.
They really were accumulating significantly at the end of last year, but profit taking from these key tiers happened hard and quickly right as the price was hitting around a 1-year high of approximately $2,120.”
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