One massive Ethereum (ETH) whale has just sold off all their positions, earning a massive $24.5 million profit after dumping over 52,000 ETH coins, according to blockchain analytics platform Lookonchain.
One massive whale, a major over-the-counter (OTC) investor, just dumped the remaining ETH positions. Altogether, they’ve sold 9,996 ETH ($25 million approx.) from the wallet address 0x8c58.
This is the final in a line of large selloffs since this massive whale has been unwinding the entire 52,001 ETH position.
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Lookonchain has estimated this whale invested approximately $112.4 million into the positions, resulting in a combined average price of $2,162 per ETH for the initial collection.
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This whale has now unloaded the entire portfolio for an average price of $2,632. This results in a massive $24.48 million profit.
As a reminder, this whale previously dumped the majority of their Ethereum positions on Sept. 24. They sold 42,005 ETH. This was worth roughly $111.89 million at the time. This happened during a general downturn in crypto markets.
They were left holding 9,996 ETH at the time. This whale has now dumped the final tokens in the latest move.
Ethereum whales going big
Of course, not every whale is dumping Ethereum at the moment.
In fact, on Oct. 12, Lookonchain spotted a mysterious whale making some very aggressive positioning flips from Bitcoin (BTC) to Ethereum.
First, this whale sold 410.14 BTC ($34.16 million approx.) and then went on to purchase 14,341 ETH ($36.14 million) on DEXes.
Later, this same whale dumped 229 BTC (worth $19.1 million) and purchased another chunk of 7,469.8 ETH.
So, we can see a few of these big investors increasing their exposure to ETH while others are locking in profits.
Currently, Ethereum (ETH) is trading at $2,507.47. It’s up 0.7% over the last 24 hours, according to CoinGecko data.