Ethereum OG Takes Record-Breaking Profit Amid Historic Quarterly Rally
A major early Ethereum investor has reactivated a dormant wallet to take profits near the peak of the current quarterly rally. The address, considered an 'Ethereum OG', acquired 3,000 ETH at an average price of $18.8 per coin in 2017 and withdrew the coins from Gemini. The initial investment totaled just $56,500.
The investor has sold 2,000 ETH at an average price of $3,096, receiving a total of $6.19 million. This translates to a net profit of $8.8 million (a 156-fold return) on the portion sold. The remaining 1,000 ETH ($2.67 million) is still held in the wallet.
Ethereum has posted its best Q3 on record, with a return of +72.7%, and early investors are beginning to cash out. Historically, Q3 has been Ethereum's weakest and most volatile quarter, but this year it has surpassed the exceptional Q3 of 2020 (+59.2%).