Ethereum Whale Cracks Under Pressure, Sells Off Holdings for $13.96 Million Loss
A long-time Ethereum holder, known as a whale in crypto parlance, has finally capitulated after holding onto their position for three years. The wallet, which had been accumulating ETH since early 2022, sold off 7,323 units at an average price of $1,906 per token, resulting in a cumulative loss of over $19 million.
The whale's patience was likely exhausted due to the prolonged bear market cycles and the significant drop in Ethereum's price. The wallet's average cost basis for the ETH holdings was around $2,723, meaning the holder lost nearly 30% against their original investment.
This capitulation is seen as a sign that even long-term holders are losing confidence in the asset's future performance. It's also worth noting that another Ethereum OG recently liquidated a position bought at $4,311 for roughly $23.8 million, while another holder offloaded $136 million in ETH and wstETH when sellers tested the $2,000 level.