An unidentified individual, known as the whale in the cryptocurrency world, has made a significant move in the Ethereum market. After holding onto 8,800 ETH for over 10 months, the whale has finally decided to sell all of their coins, resulting in a profit of $3 million.
The journey began on January 6, 2024, when the whale withdrew 8,800 ETH, valued at approximately $19.82 million, from the popular crypto exchange OKX. Rather than immediately selling the Ethereum, the investor chose to stake it, following the trend of decentralized finance (DeFi) staking. This allowed them to earn passive income without compromising their tokens.
However, in October 2024, the whale changed their strategy and began selling their coins. On October 17 and October 25, they deposited all 8,982 ETH, worth around $22.93 million, back into OKX. These transactions occurred over eight consecutive days, indicating that the whale had completely liquidated their Ethereum position. The specific amounts deposited on the mentioned dates were 1,819 ETH and 7,163 ETH, respectively.
Timing played a crucial role in the whale’s decision-making process. The Ethereum market experienced significant volatility during this period. In March 2024, Ethereum reached its peak value of over $4,000, only to plummet to slightly above $2,500 by late October. Despite this unpredictability, the whale managed to execute their exits in a profitable manner.
Had the whale sold all of their Ethereum in March, when prices were at their highest, their gains could have exceeded $16 million. However, by selling in October, the investor likely sought a safe exit, aligning with the market trend of that year.
The sale of such a large volume of Ethereum can have a substantial impact on the cryptocurrency market. However, due to Ethereum’s high liquidity, the immediate effects of the whale’s actions were not reflected in the price. As of October 25, 2024, Ethereum was priced at $2,527 per coin, with a slight increase of 0.3% in the last 24 hours.
This particular whale’s decision to sell off their long-held assets in Ethereum emphasizes the volatility of long-term cryptocurrency investments. It serves as a reminder of the risks associated with this market.