Ether (ETH) fell to a two-year low of $1,412 this week and the volatility appears to have been too much for one long-time holder, who sold of the majority of their stash acquired at around $8 in 2016.
On-chain data shows that the wallet in question swapped 14,015 ETH for $22 million USDC over a 15-hour period on decentralized exchange Uniswap.
The investor also sold 6,630 ETH in May 2022 and 4,035 ETH in June 2023 — each time during a major market dip.
This time was no different with ETH having just tumbled from a cycle high of $4,000 in December. They still hold 521 ETH valued at $830,000.
ETH has rebounded in line with the wider market on Thursday, currently trading at $1,598 having risen by 8.2% in the past 24 hours. Trading volume has also increased by 25% to $33 billion as optimism creeps into the market following U.S. President Donald Trump’s decision to pause tariffs for 90 days.
Later on Thursday a separate wallet was seen dumping ETH, selling 7,974 ETH ($11.8 million) at $1,479. The wallet still holds $40 million worth of ETH and it is unclear whether the two wallets are related.
ETH Is now down by 11% from Wednesday’s high of $1,689.
UPDATE 17:09 UTC, April 10: Adds details of second wallet selling ETH and updates price performance.
Source: https://www.coindesk.com/business/2025/04/10/ether-whale-dumps-usd22m-of-eth-after-9-years