Ethereum Early Investor Unloads 2,000 Coins with $8.8 Million Profit Amid Historic Q3 Rally
A long-dormant Ethereum wallet has reactivated to take profits after holding its coins for nearly nine years. The wallet's owner, a major early investor known as an 'Ethereum OG', acquired 3,000 ETH at an average price of $18.8 per coin in 2017.
The initial investment totaled just $56,500, but the holder has since sold 2,000 ETH at an average price of $3,096, receiving $6.19 million in total. The reported net profit on this portion reached $8.8 million (a 156-fold return).
This profit-taking comes against a historic backdrop, as Ethereum posts its best Q3 on record with a return of +72.7%. Historically, Q3 has been the weakest and most volatile quarter for Ethereum, but this year's gain has even surpassed the exceptional Q3 of 2020 (+59.2%).
Other large holders are also taking profits, including an investor who transferred more than 112,000 ETH to Bitfinex in late September.