A dormant whale who received 16,636 ETH from ShapeShift in February 2016 has started moving his assets after re-awakening eight and a half years later.
On-chain data shows that the dormant whale made his first transaction in over eight years on September 15 at 7:25 PM (UTC). The wallet moved the 16,636 ETH through three different addresses to their new destination, “0x34…e0ba.”
The diamond-handed whale started selling his Ethereum stash on Sunday, 2,953 days after it received the tokens. Further analysis from Arkham shows that the wallet converted most of his ETH stash to wrapped Ethereum and held 16,199 wETH at the time of writing.
The wallet also exchanged some of the wETH for Tether’s USDT. It sold 437.8 wETH over five transactions, converting them to $1.025 million in USDT. Data also reveals the whale bought some Livepeer (LPT) tokens before reselling them.
Wallet Value up 44,600%
An interesting component of the whale’s reawakening is his mouthwatering profit over eight and a half years. The wallet received the 16,636 ETH when it was valued at $5.23 per token in February 2016. At that valuation, the entire portfolio was worth $8,706 then.
However, the wallet has held onto its stash through at least two market bull runs and recessions. The 2018 and 2021 bull cycles saw Ethereum peak at $1,270 and $4,891, with the asset experiencing massive pullbacks afterward.
Eventually, the diamond-handed whale reawakened on Sunday with a massive 44,600% return. His Ethereum portfolio had grown from a mere $8,706 in February 2016 to over $38 million at the current market price.
Other Whale Awakenings
These reawakenings among large Ethereum whales have ramped up recently, sparking speculations of an impending market implication. The $38 million whale relocation was one of the many Ethereum movements by early whales lately.
In August, a nine-year dormant whale from the initial coin offering (ICO) regime transferred 48,500 ETH ($154 million at the time) to OKX. Notably, the whale sold his stash at a profit of $153.98 million.
Another whale also moved $3.7 million worth of ETH in July, adding to the growing list of early whale sales. The wallet received 2,000 ETH from the Genesis block nine years ago and moved them all to different addresses 43 days ago.
Meanwhile, Ethereum dumped late Sunday after a brief market rally last week. The market correction spilled into Monday as Ethereum trades at $2,319, down 4% in the last 24 hours. Despite this price underperformance, IntoTheBlock data shows that 61% of Ethereum holders are in profit.
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Source: https://thecryptobasic.com/2024/09/16/dormant-ethereum-whale-moves-16636-eth-at-44600-profit-after-8-5-years-of-inactivity/?utm_source=rss&utm_medium=rss&utm_campaign=dormant-ethereum-whale-moves-16636-eth-at-44600-profit-after-8-5-years-of-inactivity