An Ethereum whale has finally exited a long-held position after 900 days, realizing a $2.75 million profit—but passing up a potential $27.6 million gain at ETH’s peak.
Background
- According to blockchain analytics platform Lookonchain, an Ethereum whale offloaded 10,000 ETH on April 8, nearly two and a half years after acquiring the stash in late 2022.
- The whale originally purchased the ETH across two transactions in October and November of that year for $13 million, with an average cost of $1,295 per token.
- Rather than selling during Ethereum’s rally past $4,000 in late 2023 (when the value of the holdings peaked at $40.6 million) the whale held through the cycle and finally exited when ETH was trading around $1,578.
- This decision netted them a profit of $2.75 million, but they missed out on the chance to secure a 112% gain.
Why Should You Pay Attention?
- The whale’s decision highlights a common dilemma in crypto investing—whether to lock in gains during a bull market or continue holding in hopes of greater returns.
- With Ethereum currently down 21.4% over the past week, due in part to broader macroeconomic pressure from Trump-era global tariffs, market timing has become especially tricky.
- For long-term investors and whales alike, this story illustrates the psychological challenges of profit-taking and the volatility of crypto asset management.
- It also reignites debate over the merits of “diamond hands” versus securing profits when the opportunity arises.
Who Said What?
- Lookonchain broke the story via X, posting:
“He didn’t sell when ETH broke through $4,000. But today, he exited with a $2.75M profit(The profit at the peak was $27.6M).”
- The crypto community has weighed in with mixed reactions.
- X user TheRealThings, wrote:
“Held through euphoria. Sold in boredom… FOMO isn’t just about buying. It’s about holding too long,”
- Another X user Abitak added:
“W. Forcing yourself to sell in profits after your peak portfolio is down >50% takes courage.”
- X user KingFisher noted:
“On average he got 8.6% apr for eth investment, still he beat tradifi and banks by quite a bit.”
- But X user QuantumOracle questioned the timing:
“Does he know what he’s doing? This is just about the most unfavorable time to sell ETH.”
- Another user, Fernando Gonzalez, argued that inflation-adjusted, the gains were even less impressive:
“If you adjust for inflation he didn't get 2.75M, he got half of that…”
Zooming Out
- The story echoes a broader pattern among whales who often mistime exits due to overconfidence or market uncertainty.
- In a similar case highlighted by Arkham Intelligence, another investor was liquidated for $100 million just hours before the market rebounded—after holding a position for six years.
- These events highlight the unpredictable nature of crypto markets and the difficulty of perfect timing.
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