On-chain monitoring data reveals that an Ethereum whale who held a position for eight years dumped 17,598 ETH in just one hour, swapping them for 27.245 million USDS at an average price of about $1,548. The move liquidated roughly 46.8% of the whale's original stash but left approximately 20,004 ETH (53.2%) untouched.
Eight-Year Wallet: $829 Average Entry, $12.65M Profit on Half
On-chain analyst EmberCN tracked the whale's history. The address first received 37,602 ETH in February 2018, at an average cost of about $829 per coin — a total outlay of roughly $31.16 million. Eight years later, the sold batch (17,598 ETH) fetched $1,548 each, delivering an 86% gain from cost. Even considering only half the position, the paper profit exceeded $12.65 million.
The whale executed the sale not as a single blast but as a series of trades over 60 minutes, receiving USDS — a decentralized stablecoin issued by Sky (formerly MakerDAO) that is pegged 1:1 to the U.S. dollar via smart-contract collateral. Choosing USDS over USDT may reflect a preference for on-chain transparency and reduced counterparty risk.
Market Timing: ETH Softens Below $1,565
The sell-off came on a day when the broader crypto market was declining, with ETH briefly dipping below $1,565. In a weak market, a whale halving its position naturally raises concerns about bearish sentiment. However, the fact that the address still holds more than 20,000 ETH suggests this was not a panic exit but a deliberate profit-taking move — locking in gains after eight years while maintaining significant exposure to future upside.
USDS Stablecoin: A Decentralized Alternative
USDS is the decentralized dollar-pegged stablecoin from Sky (ex-MakerDAO), backed by overcollateralized positions in smart contracts. Unlike USDT, which relies on Tether's centralized reserves, USDS offers on-chain auditability. Its use in this large transaction underscores a growing preference among sophisticated whales for trust-minimized settlement tools. The stablecoin's supply has been steadily expanding, positioning it as a key settlement medium for on-chain block trades.