A crypto whale that was dormant for about eight years just woke up from its slumber to move tens of millions of dollars in Ethereum (ETH).
Data from the blockchain tracking platform Arkham shows that an Ethereum whale loaded 16,636 ETH worth approximately $186,840 in 2015 through Swiss-based crypto exchange ShapeShift.
The numbers suggest that the entity’s average cost to build the ETH stack is approximately $11.21.
After hoarding ETH from ShapeShift, the whale sent the Ethereum fled to another address where it remained untouched for eight years.
But that abruptly changed about a day ago, the deep-pocketed investor moved the ETH stack to a Gnosis Safe wallet where it was converted into Wrapped Ethereum (WETH), an ERC-20 token that was pegged 1:1 to the value of Ethereum.
Arkham’s data shows that the whale offloaded approximately 788 ETH using the CoW Protocol trading platform, pocketing $1.83 million worth of stablecoin USDT. At the time of writing, the whale still owns 15,848 WETH worth $36.43 million.
The blockchain analytics firm notes that the entity currently owns $38.258 million worth of crypto assets, indicating that the deep-pocketed investor has made more than 20,300% profit on his initial investment.
The whale’s sudden move comes as Ethereum struggles to maintain bullish momentum this year. ETH started the year trading at $2,279 before rising to $4,070 in March.
But Ethereum has since given up most of its gains and is trading at $2,290 at the time of writing.
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Generated image: Midjourney