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A whale or institutional investor holding Ethereum (ETH) 
$2,451 for approximately eight years transferred 34,000 ETH to Coinbase just 12 hours ago. According to on-chain data, this transfer is valued at $67.18 million. Following a recent surge in the price of Ethereum, the investor has achieved nearly 44 times their initial investment, which was approximately $1.5 million in 2017. Currently, this investor is netting a profit of around $65.68 million, indicating a potential sale preparation.
Acquired Ethereum at $44 in 2017
Data from the blockchain analysis company Arkham reveals that this whale began accumulating ETH in March 2017 when the price was only $44. The total cost of acquiring 34,000 ETH was around $1.5 million. The timing of this investment is noteworthy, as it was made just before Ethereum’s significant bullish run.
Purchases were made through platforms like Bitfinex, Changelly, and ShapeShift. The ETH has remained untouched in the wallet for years, indicating a long-term investment strategy without any observed sales or movements.
Who is Behind the ETH Transfer?
According to Arkham’s data, the identity of the investor controlling the wallet address remains unknown. However, the behavioral patterns imply that the wallet could belong to an institutional investor or an experienced whale. This impression is reinforced by the long-term holding strategy and purchases made from centralized exchanges.
The date of acquisition coincides with a period when Ethereum experienced substantial value gains. Throughout 2017, the price of ETH surged from $44 to over $1,000 in just a few months. The owner of the wallet seized a significant advantage by entering the market during this critical phase.
The recent transfer to Coinbase raises the likelihood of converting these ETH holdings into cash. The movement of such a large amount of ETH to an exchange could indicate a potential sale. The impact of this transfer on the price of the largest altcoin will become clearer in the coming days.
