Ethereum has been on a decent run lately, rallying 13% this week to break above $3,800 for the first time since late 2021. However, one massive Ethereum whale looks to be positioning for a huge sell-off after patiently holding for over three years, as per SpotOnChain’s report.
The whale, with the address 0xd9858d573a26bca124282afa21ca4f4a06eff98a, just deposited a colossal 10,000 ETH worth around $38.5 million to the cryptocurrency exchange Bitfinex. This is the first major movement from this whale address in over three years. Notably, back on January 21, 2021, this same address had withdrawn 110,180 ETH from Bitfinex when Ethereum was only around $1,386.
After this three year dormancy period, the whale is now sitting on an Ethereum stack worth $385 million at current prices. If this holder decides to sell everything, they would lock in a $24.3 million profit from their initial $153 million purchase, a 177% gain.
However, the whale still has another $246 million in unrealized gains if they opt to hold onto their remaining 100,180 ETH.
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Show more +With Ethereum still around 20% below its all-time high of $4,900 from the 2021 bull run, this cryptocurrency behemoth will have to weigh taking some chips off the table versus letting it all ride in hopes of new highs.
Whichever decision this dormant whale makes, the sheer size of their position means the crypto markets could be impacted in the days and weeks ahead.
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