Dormant ETH Whale Cashes Out $1.02M After 8 Years, Marking a 436x Profit
CryptoNewsTerminal Staff15 Sep, 2024
Dormant ETH Whale Cashes Out $1.02M After 8 Years, Marking a 436x Profit
An Ethereum (ETH) whale that has been dormant for over eight years has recently cashed out $1.02 million worth of ETH, marking a staggering 436 times profit. According to cryptocurrency on-chain data analysis platform Spot On Chain, the whale moved all of its ETH holdings to a new address and swapped 437.79 ETH for 1.024 million Tether (USDT) at an average rate of $2,341. The whale's original ETH holdings were purchased between January 19, 2016, and February 23, 2016, at an average price of $5.24. The total investment at the time was $87,136. The whale's new address currently holds 16,199 wrapped ETH (WETH), worth around $37.1 million. This represents an estimated profit of $38 million, a remarkable 436 times the initial investment. The cash-out transaction is a testament to the long-term growth potential of cryptocurrencies. It also highlights the importance of holding onto assets during market downturns and volatility.
