A long-dormant Ethereum whale reportedly moved 14,000 ETH ($2,132.78) to Wintermute OTC, sparking speculation of a massive sell.
Ethereum Whale Moves 14,000 ETH to Wintermute OTC, Targets $29 Million Profit
According to on-chain data shared by ai_9684xtpa, the transaction is valued at approximately $31.92 million at current market prices.
If the sale is completed, the whale will make a profit of approximately $29.07 million based on past purchase prices.
Blockchain records show that the funds originated from address 0x035…8dFC7, which accumulated 35,932 ETH between September 2016 and December 2018 at an average price of $203.22 per ETH.
This suggests that the whale has been holding Ethereum for over eight years, taking advantage of its exponential growth.
While it is unclear whether the whale will liquidate its holdings completely, such large movements could put short-term selling pressure on the price of Ethereum.
However, OTC (Over the Counter) transactions are generally structured to minimize market disruption, unlike direct exchange sales which can cause volatility.
Ethereum is currently trading at $2,280, making it one of the most profitable long-term ETH trades in recent history. Market participants will be closely watching for further whale activity as ETH approaches key resistance levels.
*This is not investment advice.
Continue Reading: Ethereum Whale, Sleeping for 8 Years, Awakened! Transferred Thousands of ETH! Will It Sell? Here Are the Details