An Ethereum wallet that hadn’t been touched since 2017 recently sold its remaining ETH, netting a cool $8.66 million in profit.
A 2017 Investment Pays Off Big
The wallet originally bought 5,001 ETH for a relatively paltry $1.38 million back in 2017, when ETH was only $277. This savvy investor held onto their crypto through several market ups and downs, including ETH’s all-time high of nearly $4,878 in November 2021. Had they sold at the peak, their profit would have been a staggering $23 million! However, they opted to sell 3,000 ETH in early March and the remaining 2,001 ETH recently, making a very healthy profit nonetheless. At the current ETH price of around $1,882, the total profit is approximately $8.66 million.
Whale Activity in Other Cryptos
The news also highlights some activity from larger crypto investors (“whales”). Specifically, there’s been significant selling of Aave (AAVE), a popular decentralized finance (DeFi) platform. One whale moved a large chunk of AAVE to FalconX, a prime brokerage, while another sent a significant amount to the OKX exchange, taking a small loss in the process. AAVE’s price has been dropping recently, down over 6% in the last 24 hours and almost 12% in the past week.
Disclaimer
This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies. Investing in crypto is risky, and you could lose money.
