Over the weekend, ETH/BTC fell below 0.04, its lowest level since April 2021, marking a significant 53% decline since Ethereum’s September 2022 Merge update.
This decline in the ETH/BTC parity also mobilized whales.
According to EmberCN's post, an Ethereum whale operating during the Satoshi era has started selling.
This whale, who is described as having “diamond hands”, a pattern used in the cryptocurrency market, because he has not sold for a long time, sold the ETH he bought with a 446x profit after holding it for more than eight years.
According to the data, the whale purchased 16,636 ETH from ShapeShift for just $5.23 in February 2016.
“An ancient whale bought 16,636 ETH from ShapeShift at a unit price of $5.23 in February 2016 and started selling these ETH 8 and a half years later.
After receiving the ETH, he held on to it until today, but hours earlier, he transferred 16,636 ETH ($39.62 million) to address 0xe3e…566 and then sold 350 ETH for $2,340.
The 16,636 ETH he received at the time was only worth $87,135, but is now worth $38.92 million, a 446-fold increase.
Ethereum, which has fallen 5% in the last 24 hours, continues to be traded at $2,290 at the time of writing.
*This is not investment advice.