After Nearly a Year Holding ETH, Whale Sells 8,982 $ETH, Bags a $3M Gain

An unidentified whale has been holding ETH for ten months and then sells all the coins. This investor had been holding over 8800 ETH, and in October 2024, he sold all the tokens to make a profit of $3M.

This whale finally gave up after holding $ETH for over 10 months and sold it all!

He withdrew 8,800 $ETH($19.82M) from #OKX on Jan 6 and staked it.

On Oct 17 and Oct 25, he deposited all 8,982 $ETH($22.93M) to #OKX, making ~$3M.

If he sold at a high price in March, the profit… pic.twitter.com/sCOgOGEnlv

— Lookonchain (@lookonchain) October 25, 2024

Whale’s Strategic Moves

Initially, the whale transferred 8,800 ETH, which was valued at approximately 19.82 million USD, from the crypto exchange OKX on Jan 6th, 2024. Rather than selling it, the obtained Ethereum was staked in a similar fashion as other tokens, which followed the upward trend of DeFi staking, where stakers can receive passive income without sacrificing the tokens.

In October 2024, the whale began selling its coins. According to the on-chain data, the investor has pulled all the 8,982 Ethereum for a value of approximately $22.93 million back to the OKX platform on the 17th and 25th of October. This sequence of transfers, which occurred over eight consecutive days, indicated that the whale had liquidated their entire Ethereum position. The latest transaction identified is a deposit of 1,819 ETH and 7,163 ETH, respectively, on the identified dates.

Timing the Market for Maximum Gains

It has not been a year, and indeed, the Ethereum market has experienced quite a volatility. Ethereum reached its highest value, going for over $4,000 in March 2024 before crashing to slightly above $2,500 in late October. The whale, nonetheless, managed his exits in a way that was still profitable during the times they were executed.

If the whale had sold all Ethereum in March when prices were at their highest, the gains could have been much higher and could have surpassed $16 million. Nevertheless, selling in October implies that the investor most probably sought a safe exit following the market trend in this particular year.

Impact on the Ethereum Market

Such massive volumes of sales and buys may lead to great movements in the cryptocurrency market. Moreover, due to Ethereum’s higher order liquidity factor, the effects of Whale selling 8,982 ETH were not immediately reflected in the Ethereum price. As of October 25, 2024, Ethereum was priced at $2,527/coin, which has risen again slightly to an increase of 0.3% in the last 24 hours.

This particular whale has decided to cut their losses and sell off assets they’ve been holding in Ethereum for nearly a year, showing how volatile long-term cryptocurrency investing can be.

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