The Ethereum Whale that Emerged During the Weakening of the Market Sold Millions of Dollars After 9 Years! Here are the Details
A long-time Ethereum (ETH) investor, after nearly a decade, converted $22 million worth of ETH into cash by selling a large portion of his assets during a period when the price of the cryptocurrency fell to its lowest level in the last two years.
Long-Term Ethereum Whale Sold 14,015 ETH for 22 Million Dollars After 9 Years
According to the data on the chain, an investor who bought ETH at around 8 dollars per coin in 2016 sold 14,015 ETH in a 15-hour period on the decentralized exchange Uniswap. ETH was exchanged for 22 million dollars in USDC, a stablecoin pegged to the US dollar.
The History of Selling During Market Crashes
This is not the first time the whale has sold during periods when the market is weak. Blockchain records show that the same wallet has been sold:
- 6,630 ETH in May 2022
- 4,035 ETH in June 2023
Both of these sales occurred during major price corrections in the crypto market. The investor repeated this situation again this week as ETH experienced a sharp drop from its highest level of $4,000 in December to $1,412.
Despite the last sale, the wallet still holds 521 ETH and is currently worth approximately 830,000 dollars.
ETH Price Recovers with Market Optimism
Ethereum has recovered along with the broader crypto market, rising over 8% in the last 24 hours to trade at $1,600.
This recovery occurred in an environment where investor optimism was rekindled after U.S. President Donald Trump announced a 90-day pause on new tariffs for over 75 countries, and this move led to a rebound in risk assets in global markets.
The trading volume of ETH also increased by 25% to reach 33 billion dollars in the past days as traders re-entered the market.