After Almost a Year of Holding ETH, Unknown Investor offloads 8,982 $ETH, Securing a $3M Profit
A mysterious individual who had been holding onto Ethereum for ten months has recently sold all of their coins. This investor had accumulated over 8800 ETH, and in October 2024, they decided to cash out, making a staggering $3 million profit.
Finally giving up after holding $ETH for more than 10 months and selling it all!
On January 6, they withdrew 8,800 $ETH ($19.82M) from #OKX and staked it.
Then, on October 17 and October 25, they deposited the remaining 8,982 $ETH ($22.93M) back to #OKX, making approximately $3M.
If they had sold during the market peak in March, imagine the profit… pic.twitter.com/sCOgOGEnlv
— Lookonchain (@lookonchain) October 25, 2024
Strategic Maneuvers of the Whale
Initially, the whale moved 8,800 ETH, valued at around $19.82 million, from the OKX crypto exchange on January 6th, 2024. Rather than selling the digital assets immediately, they chose to stake the Ethereum, following the rising trend of DeFi staking. This allowed them to earn passive income without compromising their holdings.
In October 2024, the whale began liquidating their ETH. According to on-chain data, the investor transferred all 8,982 Ethereum, worth approximately $22.93 million, back to the OKX platform on October 17th and 25th. These successive transactions over eight days indicate that the whale completely exited their Ethereum position. The most recent recorded deposits were 1,819 ETH and 7,163 ETH on the aforementioned dates.
Skillfully Timing the Market for Maximum Profits
Although it has not even been a year, the Ethereum market has witnessed significant volatility. In March 2024, Ethereum skyrocketed to over $4,000, only to plummet to slightly above $2,500 by late October. However, the whale managed to time their exits in such a way that each sale was still profitable.
If the whale had sold all their Ethereum in March at the peak prices, their profits could have surpassed $16 million. Nonetheless, choosing to sell in October suggests that the investor likely aimed for a safer exit, aligning with the prevailing market trend during this particular period.
Impact on the Ethereum Market
Transactions involving such substantial volumes of buying and selling can generate significant movements within the cryptocurrency market. Nevertheless, due to Ethereum’s high liquidity, the effects of this whale’s sale of 8,982 ETH were not immediately reflected in the Ethereum price. As of October 25, 2024, Ethereum was valued at $2,527 per coin, experiencing a marginal 0.3% increase in the last 24 hours.
This particular individual chose to cut their losses and sell off the assets they had held in Ethereum for nearly a year, highlighting the volatile nature of long-term cryptocurrency investments.