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- Ethereum OG sells $31M ETH, retains massive holdings amid market pressure
- Early investor cashes out millions while maintaining strong Ethereum exposure
- Whale activity rises as ETH price struggles below previous highs
A long-dormant Ethereum holder has re-entered the market with a sizable sale, signalling renewed activity among early investors. On-chain records indicate that the wallet of an early Ethereum user dumped more than $30 million of ETH into a centralised exchange. This action has attracted attention because of the magnitude and timing, particularly the fact that the larger market is going through a phase of price-cutting and slowing momentum.
The data from blockchain analytics shows that the wallet sold 15,002 ETH worth about $30.97 million on Coinbase. Although this was a significant transaction, the address continues to have 14,814 ETH, which means that the investor has not completely left their positions.
In the past seven years, historical records show that this investor bought an enormous 172,700 ETH. The tokens were only valued at $2.2 million at that period, which would amount to approximately 12.83 cents per ETH. That initial investment would have grown to more than $350 million at present valuations, reflecting the scale of the long-term returns to early adopters.
Meanwhile, another whale also sold off by selling 5,000 ETH valued at approximately $10.3 million. The average price of this transaction was close to 2,063 per token. It is worth noting that the sale was intended to settle a portion of an outstanding loan, which implies that leverage management is still a primary variable that has an impact on large holders.
https://x.com/lookonchain/status/2035916598016675878
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Large Holders Adjust Positions as Market Pressure Persists
Although these sell-offs occur, there is still a lot of capital in the ecosystem. The second whale still has approximately 126,000 ETH in Aave, worth about $257 million. Nevertheless, the address has approximately $122 million of pending loans, and it represents the continued exposure to decentralised finance mechanisms.
Meanwhile, the price of Ethereum has demonstrated weak performance during the last few sessions. The asset was trading around 2,051, which is a 1.6 per cent drop in 24 hours. Also, the price is still over 50 per cent lower than its all-time high of about $4,900 reached in August, 2025.
In addition to the transactions completed by individuals, these flows demonstrate a general change of behaviour in the case of long-term holders. Early investors are slowly cashing in on profits, whilst keeping partial exposure. This trend implies a middle way between the market and an exit.
Further, the fact that centralised exchanges and DeFi platforms are used suggests that liquidity strategies are shifting. Others of them are also moving assets to cash, and others are restructuring positions in order to deal with debt and risk in a more efficient manner.
In general, the recent whale actions can be reflected by the transition to strategic capital management instead of emergency exits. Even though the selling pressure has set in, it does not mean that it has completely depleted any substantial holdings, since it remains a strong indicator that early investors remain convinced of Ethereum in the long run.
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