Ethereum Whales Wake Up From Slumber To Cash Out $90M Amid Rally, But Indicators Show Sentiment Can Flip
Long-term holders of Ethereum (CRYPTO: ETH) began to profit-take on their holdings amid a rapid surge in the cryptocurrency’s price.
What Happened: Two long-term investors sold a total of 33,701 ETH, worth $89.72 million, on Wednesday, according to on-chain tracking platform Spot On Chain.
A whale offloaded 25,000 ETH, earned from the project’s Initial Coin Offering (ICO) in 2014, to popular cryptocurrency exchange Kraken, leaving a balance of 64,450 ETH. The sale amounted to nearly $65.67 million.
During the ICO, the price of ETH was $0.311 per unit, bringing the total cost basis of 25,000 ETH to $7,775. With the sale, the investor netted a staggeting profit of 844530%.
Similarly, an investor reappeared after 8.75 years to sell 8,701 ETH for $24.05 million in USD Coin (CRYPTO: USDC) at approximately …
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