After 7-Year Dormancy, Ethereum Whale Transfers $3 Million To Crypto Exchange: What’s The Strategy?

An early investor in Ethereum (CRYPTO: ETH) transferred over $3 million in ETH to a cryptocurrency exchange on Monday, following a seven-year hiatus.

What Happened: The whale purchased 10,001 ETH at $352 apiece in November 2017, according to on-chain tracking platform Lookonchain. They resisted selling even when ETH’s value soared to $4,878 during the last bull run in 2021.

However, in an intriguing turn of events, the Ethereum OG deposited about $2,000 ETH, worth $3.11 million, to Kraken late on Monday.

It was not immediately known if the investor sold the entire stash. But if they did, they would book a profit of $12.3 million. Notably, this was substantially lower than the peak unrealized profit of $45 million.