Ethereum Whale Sells $19 Million Worth of Holdings as Price Remains Stable

An Ethereum whale who accumulated ETH at an average price of $2,723 between February 2022 and March 2023 has sold a significant portion of its holdings, resulting in cumulative losses exceeding $19 million.

The whale, which had been holding onto the Ethereum for over three years, staked its holdings rather than trading around them. However, patience ran out this week as the wallet sold 7,323 ETH for roughly $13.96 million, an average exit price far below its cost basis of $2,723.

This capitulation is significant because it tends to show up near local price bottoms, when even long-term holders decide that waiting is no longer worth it.