Ethereum

HODL

Impact

when

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Bullish sentiment in the cryptocurrency market has continued, with many investors making huge profits from early bets. This bullish run has also woken a dormant billion-dollar Ethereum (ETH) that is now snapping gains from its massive holding.
<h2 id="eight-year-ethereum-hodl-ends-in-massive-profits">Eight-Year Ethereum HODL ends in massive profits</h2>
<a href="https://x.com/lookonchain/status/1859852734008263154" rel="noopener noreferrer nofollow">According</a> to Lookonchain data, the whale amassed 398,889 ETH between Jan. 18 and Mar. 10, 2016, at an average price of approximately $6 per ETH. Eight years ago, the total purchase made by the whale amounted to $2.4 million.
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 A whale that accumulated 398,889 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>(currently worth $1.34B) at an average price of ~$6 is selling <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> again!This whale accumulated 398,889 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>(then worth $2.4M) between Jan 18 and Mar 10, 2016, at an average cost of ~$6 per <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>.After remaining dormant for over 8 years,… <a href="https://t.co/9rfw1IrdRt" rel="noopener noreferrer nofollow">pic.twitter.com/9rfw1IrdRt</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1859852734008263154?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 22, 2024</a>
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After this massive accumulation, the whale went dormant and began trading on Nov. 7, when it began selling Ethereum. The whale might have decided on a <a href="https://u.today/ethereum-ico-whale-returns-with-3000-eth-sell-off" rel="noopener noreferrer nofollow">long-term holding strategy</a> or possibly just remembered the funds now.
Interestingly, this happened after ETH breached its $2,600 resistance level. The whale’s first sale happened when ETH traded at about $2,820. So far, out of the 398,889 ETH, the whale has sold off 73,356 ETH, worth about $224.42 million.
This represents a profit of approximately $222.02 million for the sales of less than one-sixth of their total holding. The Ethereum whale still has 325,533, valued at over $1.3 billion based on the current market price.
It remains to be seen if the whale will continue their sales or enjoy its staggering $222 million profit for now.
<h2 id="impact-on-market-and-community-speculations">Impact on market and community speculations</h2>
The whale action has sparked debate among Ethereum holders, with some arguing that the offloading might impact ETH's performance. They suggest this could trigger other <a href="https://u.today/giant-12-billion-ethereum-eth-whale-selling-crash-incoming" rel="noopener noreferrer nofollow">whales to dump</a> ETH on the market, exerting <a href="https://u.today/ethereum-eth-whale-triggers-59-million-selling-pressure" rel="noopener noreferrer nofollow">downward pressure</a> on ETH’s price in the ongoing bull run.
Although speculations abound on the whale’s intention, trade enthusiasts maintain that the investor made a good investment. They say it was not out of place to shed some of the holdings for profit for an asset acquired at an average price of about $6.
Additionally, it highlights how much Ethereum’s value has appreciated over the years. As of this writing, ETH<a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">trades</a> at $3,364, up by 7.59% in the past 24 hours. Market volume is up by 47.63% to $51.73 billion, indicating heightened interest in the altcoin. <a href="https://u.today/dormant-billion-dollar-ethereum-whale-takes-profit-after-eight-years" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

Dormant Billion-Dollar Ethereum Whale Takes Profit After Eight Years

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