Whale Sells 21,636 ETH Hoarded Since 2016, Nets $58 Million Profit

COINOTAG News reported on October 1, as monitored by on-chain analyst Yu Jin, that an early cryptocurrency whale has sold off a significant portion of their holdings. This individual initially accumulated 21,636 ETH at an average cost of $6.9 per ETH in 2016, amounting to a total investment of approximately $149,800. Five hours ago, they strategically liquidated their entire ETH stash, realizing a substantial profit.

The sell-off, executed at an average price of $2,688 per ETH, resulted in the conversion to 58.14 million USDT. This transaction demonstrates an impressive return on investment, calculated at 387 times the original purchase amount. As of now, the same whale maintains a balance of 49.5 million USDT spread across the six addresses that previously held the Ethereum assets.