An unidentified individual, known as the “whale,” has recently made a significant move in the world of cryptocurrency. After holding onto 8,800 ETH (Ethereum) for over ten months, the whale has decided to sell all of their coins. This strategic move has resulted in a profit of $3 million.
The whale began their journey by withdrawing their 8,800 ETH, valued at $19.82 million, from the OKX crypto exchange on January 6th, 2024. Rather than immediately selling the Ethereum, they opted to stake it, following the popular trend of decentralized finance (DeFi) staking. This allowed them to earn passive income without sacrificing their tokens.
However, in October 2024, the whale made the decision to start selling their coins. According to on-chain data, they transferred all 8,982 Ethereum, equivalent to around $22.93 million, back to the OKX platform on October 17th and 25th. These transactions took place over eight consecutive days, indicating that the whale had completely liquidated their Ethereum position. The most recent deposits were made on the specified dates, with 1,819 ETH and 7,163 ETH being deposited, respectively.
The timing of these moves is interesting, considering the volatility that the Ethereum market has experienced in the past year. In March 2024, Ethereum reached its peak value of over $4,000 before dropping to just above $2,500 in late October. If the whale had sold all of their Ethereum in March, they could have potentially made gains exceeding $16 million. However, by selling in October, it suggests that the investor was more inclined to follow the market trend and seek a safe exit.
The impact of such large-scale buying and selling activities by the whale can have a significant effect 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 25th, 2024, Ethereum was priced at $2,527 per coin, experiencing a slight increase of 0.3% in the last 24 hours.
This particular whale’s decision to sell off their Ethereum holdings after holding onto them for nearly a year highlights the volatility of long-term cryptocurrency investments. It serves as a reminder of the risks involved in this ever-changing market.
