Whale Activity: First Sale After Eight Years of Inactivity
According to on-chain monitoring by Yujin, an Ethereum address that had remained dormant for over eight years suddenly became active and executed a massive sell order. Within the past hour, the whale address sold 17,598 ETH to on-chain markets in exchange for approximately 27.245 million USDS, at an average price of $1,548 per ETH. The address last received ETH in February 2018, when it initially acquired 37,602 ETH (worth roughly $31.16 million at the time) at an average cost of $829 per ETH. Eight years later, the holder chose to sell about half of its position, realizing a profit of approximately $12.65 million and locking in part of the gains.
Cost Basis and Profitability Analysis
Comparing the selling price of $1,548 to the original cost of $829, the sale yields a return of about 86.7%. Although the current ETH price remains below its all-time high, the whale has achieved substantial gains relative to its original investment. The address still holds approximately 20,004 ETH, which, at current prices, is valued at around $30.98 million. Combined with the 27.245 million USDS from the sale, the address now holds total assets of approximately $58.22 million, representing an 87% increase from the initial $31.16 million investment. Market analysts note that large-scale disposals by long-term holders often trigger short-term price volatility, but the decision to sell only half of the position suggests this might not be a complete bearish signal.
Notably, the whale used USDS—a decentralized stablecoin pegged 1:1 to the U.S. dollar—as the counter asset for the sale. This indicates that the whale is converting ETH exposure into stable value storage rather than cashing out to fiat or moving funds to centralized exchanges. Such on-chain selling for stablecoins could imply that the whale is waiting for a better entry point or adjusting asset allocation.
Market Impact and Outlook
At the time of writing, the ETH price has not experienced severe swings, though the whale's sell orders have added some selling pressure to the short-term order book. ETH has dropped about 1.2% in the last 24 hours. Long-term holder (LTH) selling has historically been considered a potential top signal, but a single address's actions do not necessarily represent a broader trend. Investors should continue monitoring subsequent movements of this address and the on-chain behavior of other early Ethereum participants.
(Data source: Yujin monitoring, ChainCatcher.)