A mysterious crypto whale that had been dormant for nearly eight years has recently resurfaced, making a significant move in the world of Ethereum. The whale, identified through data from the blockchain tracking platform Arkham, initially acquired 16,636 ETH back in 2015 from the Swiss-based exchange ShapeShift. This sizable ETH stack, valued at approximately $186,840, was obtained at an average cost of $11.21 per coin.
After acquiring this substantial amount of Ethereum, the whale transferred it to another address where it remained untouched for nearly a decade. However, just a day ago, the investor made a sudden move by transferring the ETH stack to a Gnosis Safe wallet, where it was converted into Wrapped Ethereum (WETH), an ERC-20 token pegged to the value of Ethereum.
According to Arkham’s data, the whale proceeded to sell off approximately 788 ETH through the CoW Protocol trading platform, resulting in a profit of $1.83 million in USDT stablecoin. As of now, the whale still holds 15,848 WETH, which is currently valued at $36.43 million. This indicates that the entity now possesses a total of $38.258 million in crypto assets, showcasing an impressive gain of over 20,300% from their initial investment.
The timing of this whale’s activity is noteworthy, considering the recent struggles of Ethereum to maintain its bullish momentum throughout the year. Despite starting the year at $2,279 and reaching a peak of $4,070 in March, ETH has since retraced its gains and is currently trading at $2,290.
This unexpected move by the crypto whale serves as a reminder of the unpredictability and volatility of the cryptocurrency market. As investors continue to navigate the ever-changing landscape of digital assets, keeping a close eye on whale activity and market trends remains crucial for making informed investment decisions.
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Image Credit: Midjourney