Long-term holders of Ethereum ETH/USD began to profit-take on their holdings amid a rapid surge in the cryptocurrency’s price.
What Happened: Two long-term investors sold a total of 33,701 ETH, worth $89.72 million, on Wednesday, according to on-chain tracking platform Spot On Chain.
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A whale offloaded 25,000 ETH, earned from the project’s Initial Coin Offering (ICO) in 2014, to popular cryptocurrency exchange Kraken, leaving a balance of 64,450 ETH. The sale amounted to nearly $65.67 million.
During the ICO, the price of ETH was $0.311 per unit, bringing the total cost basis of 25,000 ETH to $7,775. With the sale, the investor netted a staggeting profit of 844530%.
Similarly, an investor reappeared after 8.75 years to sell 8,701 ETH for $24.05 million in USD Coin USDC/USD at approximately $2,764 per ETH. This left the holder with 2,304 ETH, valued at $6.48 million, and a profit of $30.48 million, marking a staggering 689x return.
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Why It Matters: The sell-off by these major holders comes amidst a significant spike in the price of ETH. The second-largest cryptocurrency jumped over 10% in just 24 hours, spurred by a broader rally in the market on Donald Trump’s presidential victory.
Whale interest was clearly up, as data from IntoTheBlock showed a 5A0% jump in transactions worth more than $100,000.
Most investors were geared toward profit-taking as positive net flows indicated that more ETH was entering exchanges than leaving them. That said, the inflow rate dropped 91% over the last 24 hours, indicating a potential switch from selling to HODLing.
According to TradingView, moving averages and momentum indicators such as Moving Average Convergence Divergence (MACD) pointed to sustained bullish momentum, but the Relative Strength Index (RSI) showed a neutral reading.
Price Action: At the time of writing, ETH was exchanging hands at $2,848.50, up 10.2% in the last 24 hours, according to data from Benzinga Pro.
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