Investor Emerges After Years, Sells $30 Million Worth of ETH
According to an in-depth analysis by blockchain tracker Lookonchain, a notable investor who participated in the initial coin offering (ICO) of Ethereum has recently traded nearly $30 million worth of ETH after a prolonged period of inactivity.
In a recent update on the social media platform X, Lookonchain reported that this Ethereum holder ended their long dormancy to divest thousands of ETH in less than a month.
Data indicates that the entity has been sending its assets to the cryptocurrency exchange Kraken, likely with the intention of selling them.
“Since breaking dormancy on April 17, the Ethereum ICO participant has sold a total of 16,500 ETH, equivalent to $29.35 million, at an average price of $1,779. Recently, on May 3rd, the entity sold an additional 1,500 ETH for $1.76 million and still retains 13,500 ETH, valued at $24.82 million.”
At present, ETH is trading at $1,830, reflecting a 4.8% decrease for the day.
Additionally, Lookonchain has uncovered that affluent holders of the Official Trump (TRUMP) memecoin have been offloading their assets as well, albeit at a loss.
“Two large investors have sold 765,128 TRUMP tokens worth $8.58 million, incurring a loss of $2.34 million. One entity, 3kjP9L, realized a prior profit of $196,000 on TRUMP before selling 337,560 tokens for $3.81 million on May 4th, leading to a loss of $1.38 million.”
“Another investor, 7X6Vun, made $732,000 on TRUMP previously but lost $961,000 after selling 427,568 tokens, totaling $4.77 million on May 4th. These trades resulted in the complete eradication of prior gains and a loss of approximately $1.42 million in principal.”
TRUMP is currently valued at $11.00, which marks a 4.55% decline over the past 24 hours.
Conversely, Lookonchain has also identified another whale that has opted for long positions in Bitcoin (BTC) and various altcoins, including ETH, and is now witnessing substantial profits.
“This whale has taken long positions in BTC, ETH, SOL, LTC, XRP, LINK, along with 16 other tokens over the last month, accumulating total profits exceeding $9 million. They purchased 309 BTC for $24.68 million at an average price of $79,792, currently enjoying unrealized profits of over $5 million.”
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