An entity that withdrew more than 130,000 ETH from Bitfinex in 2023 has been sending that position back to exchanges over the past week, according to on-chain tracking shared by Ai Yi (@ai_9684xtpa).
On Sunday, Ai Yi said the entity moved another 16,919 ETH about three hours earlier, worth roughly $45.85 million at the time. Her latest count put the seven-day total sent to exchanges at 128,972 ETH, or about $345 million, with the wallet’s on-chain ETH balance now reduced to zero. She described the activity as a suspected full liquidation.
The position was built through Bitfinex withdrawals in 2023
In an earlier breakdown, Ai Yi said the entity withdrew 130,591 ETH from Bitfinex between April and November 2023 at an average price of about $2,026.56. The position was worth around $264 million at the time.
During the holding period, the unrealized profit on the ETH stack at one point reached $334 million. At its low, the position also fell below cost, with an unrealized loss of about $65.83 million.
Ai Yi and EmberCN reported different running totals
Another on-chain analyst, EmberCN (@EmberCN), tracked the same batch of funds. In a post on Saturday, he said the whale or institution, which had held ETH for three years, transferred 112,052 ETH into Bitfinex within a week, worth about $300 million, at an average price of roughly $2,676. He characterized the move as profit-taking.
Ai Yi’s updated figure on Sunday raised the cumulative amount sent to exchanges to 128,972 ETH. The totals differ, but both analysts pointed to the same long-held ETH position moving back onto exchange venues.
Exchange inflows do not confirm completed sales
The on-chain record only shows that the ETH was deposited to exchange addresses. It does not confirm whether the tokens were sold inside the exchange.
Ai Yi estimated the average transfer-in price at about $2,680. If the entire amount were sold, the projected profit would be about $84.31 million. EmberCN used the phrase realized profit, but both assessments were based on transfer-time prices versus the original acquisition cost, not on actual exchange execution data.
Using the article’s cited ETH price of about $2,687, the value of roughly 129,000 ETH comes to around $347 million. For a weekend market, a single entity moving that amount of ETH onto exchanges stands out as a potential source of sell pressure worth watching.
Market focus turns to long-term holders
The transfers drew attention because they fit a familiar long-term holder pattern: building a position three years ago at relatively lower levels, sitting through periods of unrealized loss, and then moving the ETH back to exchanges once the price was above $2,600.
The original report said this kind of older capital flow is often watched as one reference point for judging whether a medium-term top is forming or whether supply is changing hands. At the same time, a single entity’s transfers could also reflect portfolio reallocation, position switching, market-making activity, or preparation for over-the-counter trades, rather than a broader market signal.
What may matter more from here is whether net ETH inflows to exchanges continue to rise after these transfers, and whether ETH can hold the $2,600 level after Monday trading begins.