A long-term Ethereum whale sold holdings worth about $27.6 million, possibly generating profits of more than 18,000% from the time they acquired their tokens, according to blockchain data.
The whale’s address started receiving ETH from another address in 2016, when it was priced at little over $8 a coin, data from Nansen and Breadcrumbs showed. That crypto sat dormant for years.
It isn’t clear whether the “ETH millionaire” who cashed out Wednesday did indeed buy the ETH back in 2016, but it ended up in their wallet.
Over the past 24 hours, the holder has swapped their ETH for stablecoin USDC via the Uniswap decentralized exchange, cashing out 18,437 coins for $27.6 million at today’s prices. Some of that ETH arrived in its holdings back in 2022.
The investor cashed out the ETH in small transactions of over 1,400 coins at a time, data shows. This may be because movements from big “HODLers” can spook investors, as…
