Early Crypto Whale Moves $10.5M ETH, Starting to Sell?

On-chain analysis is always a useful tool for tracking the movements of 'whales'—large investors with the potential to impact the crypto market. Recently, a notable move from an 8-year-old Ethereum wallet address has captured the community's attention, revealing a methodical and patient profit-taking strategy.

According to monitoring by on-chain analyst Yu Jin, about nine hours ago, as the price of ETH hovered near the $2,600 mark, the whale address in question transferred a large sum of 4,123 ETH, worth approximately $10.51 million, to the Gemini exchange. This was recorded as the largest single deposit to an exchange from this address since the beginning of 2024. A large transfer of crypto to a centralized exchange is often interpreted as a precursor to selling.

The significance of this action is amplified when looking at the wallet's history. This is a very early investor who accumulated a total of 21,662 ETH through the Gemini and Kraken exchanges back in 2017, at an incredible average entry price of just ~$569 per ETH.

After years of holding, this address began moving ETH to Gemini starting in early 2024, but those were previously small, trickling deposits of tens to hundreds of ETH. Therefore, today's transfer of over 4,000 ETH marks a major shift in strategy, suggesting an escalation in their profit-taking activity.

An analysis of this whale's profits paints a picture of an incredibly successful investment. To date, the address has transferred a total of 6,361 ETH to exchanges, realizing approximately $16.03 million at an average selling price of $2,520. With an initial total cost basis of just $12.33 million for their entire holdings, these sales have not only recouped the entire principal investment but have also secured a significant profit.

More importantly, this means the remaining 13,538 ETH in the wallet (worth ~$34.94 million at current prices) is now entirely pure profit. With no remaining cost-basis risk, the whale may feel more comfortable realizing profits at these higher price levels. This move is a classic case study in successful long-term crypto investing: accumulate during low periods, hold with conviction through multiple cycles, and begin to take profits strategically when the market reaches attractive highs.