Analysis from blockchain tracker Lookonchain reveals that an investor who participated in Ethereum’s initial coin offering (ICO) has traded nearly $30 million worth of ETH after years of dormancy.
In a post on the social media platform X, Lookonchain says that the Ethereum holder awoke from a long slumber to unload thousands of ETH in less than four weeks.
[adinserter block="1"]Data shows the entity sending its coins to the crypto exchange Kraken, presumably to be sold.
“The Ethereum ICO participant sold another 1,500 ETH ($1.76 million) again [on May 3rd.]. Since ending a long dormancy on April 17th, [the entity] has sold 16,500 ETH ($29.35 million) at an average price of $1,779 and still holds 13,500 ETH ($24.82 million).”
ETH is trading for $1,830 at time of writing, a 4.8% decrease on the day.
The analytics firm also finds that deep-pocketed holders of the Official Trump (TRUMP) memecoin are offloading the asset as well, albeit at a loss.
“Two whales dumped 765,128 TRUMP ($8.58 million) at a loss of $2.34 million! 3kjP9L made $196,000 on TRUMP before, sold 337,560 TRUMP ($3.81 million) [on May 4th] and lost $1.38 million.
7X6Vun made $732,000 on TRUMP before, sold 427,568 TRUMP ($4.77 million) [on May 4th] and lost $961,000! Not only did they wipe out all previous gains, they also lost ~$1.42 million in principal.”
TRUMP is trading for $11.00 at time of writing, a 4.55% decrease during the last 24 hours.
Meanwhile, Lookonchain spotted a different whale who went long on Bitcoin (BTC) and a slew of altcoins – including ETH – and is currently sitting in profit.
“A whale has been long BTC, ETH, SOL, LTC, XRP, LINK and other 16 tokens in the past month, with a total profit of more than $9 million. Additionally, this whale bought 309 BTC ($24.68 million) at an average price of $79,792, currently sitting on unrealized profits of more than $5 million.”
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Generated Image: Midjourney
