A long-time Ethereum (ETH) investor has sold the majority of his holdings after nearly a decade, cashing out $22 million worth of ETH at a time when the cryptocurrency’s price has fallen to its lowest level in two years.
Long-Term Ethereum Whale Sells 14,015 ETH for $22 Million After 9 Years
According to on-chain data, the investor, who purchased his ETH in 2016 for around $8 per coin, dumped 14,015 ETH on decentralized exchange Uniswap in a 15-hour period. The ETH was exchanged for $22 million in USDC, a stablecoin pegged to the US dollar.
History of Selling During Market Crashes
This is not the first time a whale has sold during a weak market. Blockchain records show the same wallet being sold:
- 6,630 ETH in May 2022
- 4,035 ETH in June 2023
Both of these sell-offs occurred during major price corrections in the crypto market, a pattern repeated this week as ETH fell sharply from its December highs of $4,000 to $1,412.
Despite the recent sale, the wallet still holds 521 ETH, currently worth around $830,000.
ETH Price Rebounds on Market Optimism
Ethereum has rallied alongside the broader crypto market, trading at $1,600, up over 8% in the past 24 hours.
The recovery comes amid renewed investor optimism after U.S. President Donald Trump announced a 90-day pause on new tariffs for more than 75 countries, a move that led to a recovery in risk assets in global markets.
ETH's trading volume also increased by 25% in the past day, reaching $33 billion, as traders re-entered the market.
*This is not investment advice.
