Ancient Ethereum Whale’s 5,000 ETH Sell-off stirs market

According to on-chain analytics firm Lookonchain, an Ethereum whale who accumulated a substantial amount of ETH at the market bottom in September 2022 has made a notable deposit of 5,000 ETH to popular cryptocurrency exchange Kraken.

Back in September 2022, when the Ethereum network transitioned to a proof-of-stake consensus, the whale took advantage of the opportunity to buy ETH at what was considered the market bottom. The timing seemed right as the price of Ethereum was nearly $1,567 per ETH, totaling a value of $151.42 million for the bulk purchase.

According to Lookonchain, the ETH whale withdrew 96,638 ETH worth $151.42 million at the time from Coinbase at $1,567 from Sept. 3 to Sept. 7, 2022.

Fast forward to now, and the same whale has transferred 5,000 ETH to Kraken, presumably to sell it at a profit. When whales deposit their tokens into exchanges, it typically suggests a potential sale, while withdrawals signal an intent to buy.

At the time of the deposit, the price of Ethereum had risen, indicating a significant profit margin for the investor. The whale still has 76,638 ETH worth $233.56 million remaining, for a total profit of more than $153.7 million.

The whale’s action indicates that the perfect combination of timing and market sentiment can lead to significant returns. The wrong timing might lead to ultimate losses, which was the scenario of another ETH whale who saw significant losses as the ETH price dipped.

Ethereum saw selling pressure at the start of the week after reaching highs of $3,281 on April 15. The drop persisted, with Ethereum falling for two consecutive days before slightly rebounding. At the time of writing, ETH was up 0.43% in the last 24 hours to $3,058.

As reported, an ETH whale sold their 10,701 ETH stash worth $33 million, losing more than $4 million for the second time after going long on ETH. The first time, they lost almost $500,000.