A nine-year Ethereum position that hadn’t moved has just been emptied in one go: 9,618 ETH exchanged for about $24.58 million
On-chain analyst Ember spotted an early investor called pinosaur.eth transferring all 9,618 ETH they had held for exactly nine years to an exchange six hours ago. At the time, it was worth about $24.58 million
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The story of this position goes back to April 2017, when they withdrew 7,459 ETH from another exchange at an average price of just $50, for an initial investment of about $370,000.
Over nine years, $370,000 turned into $24.58 million—a net profit of $24.21 million, or roughly 65x 🐋
What’s interesting is that this 65x return didn’t come entirely from ETH’s price rising. Ethereum is currently around $2,579, only about 51x its $50 price. The rest came from the investor accumulating more coins: from 7,459 to 9,618, an increase of about 29%. Most likely, that came from staking rewards, airdrops, or additional purchases along the way.
That works out to an annualized return of about 58%. Sustained over nine years, that’s a more astonishing figure than the long-term performance of most fund managers 📈
My take: when a dormant wallet like this wakes up, it often acts as a market barometer. Historically, when long-held positions are sold off in large amounts, it generally happens at one of two moments: either prices are high enough that holders feel they’ve made enough, or sentiment is weakening and holders fear giving back their gains 🦖
Ethereum isn’t at its hottest right now. It’s around $2,579, down 1.2% over the past 24 hours. Bitcoin is around $83,102 and also edging lower. An early investor who held for nine years choosing this moment to exit completely suggests, at the very least, that they don’t plan to wait for the next leg up.
Of course, one whale reducing their holdings doesn’t by itself point to a trend. In Ethereum’s daily trading volume of tens of billions of dollars, $24.58 million is just a ripple. But it’s still a signal: early investors are sitting on substantial unrealized gains, and any rebound could bring fresh selling pressure ⚠️
What’s really worth watching is how many other old wallets from around 2017 move their coins to exchanges over the next few days. That’s what could put a lid on prices.
Do you think this nine-year holder’s exit is smart money taking profits, or just a normal rotation midway through an uptrend? Let’s talk in the comments.
Tap the profile picture to watch the livestream.
Every day, I’ll help you keep up with Ethereum and Bitcoin. We won’t just cover what’s happening—we’ll help you understand the logic and opportunities behind it 👀🚀
On-chain analyst Ember spotted an early investor called pinosaur.eth transferring all 9,618 ETH they had held for exactly nine years to an exchange six hours ago. At the time, it was worth about $24.58 million
🔎 进群看完整分析
The story of this position goes back to April 2017, when they withdrew 7,459 ETH from another exchange at an average price of just $50, for an initial investment of about $370,000.
Over nine years, $370,000 turned into $24.58 million—a net profit of $24.21 million, or roughly 65x 🐋
What’s interesting is that this 65x return didn’t come entirely from ETH’s price rising. Ethereum is currently around $2,579, only about 51x its $50 price. The rest came from the investor accumulating more coins: from 7,459 to 9,618, an increase of about 29%. Most likely, that came from staking rewards, airdrops, or additional purchases along the way.
That works out to an annualized return of about 58%. Sustained over nine years, that’s a more astonishing figure than the long-term performance of most fund managers 📈
My take: when a dormant wallet like this wakes up, it often acts as a market barometer. Historically, when long-held positions are sold off in large amounts, it generally happens at one of two moments: either prices are high enough that holders feel they’ve made enough, or sentiment is weakening and holders fear giving back their gains 🦖
Ethereum isn’t at its hottest right now. It’s around $2,579, down 1.2% over the past 24 hours. Bitcoin is around $83,102 and also edging lower. An early investor who held for nine years choosing this moment to exit completely suggests, at the very least, that they don’t plan to wait for the next leg up.
Of course, one whale reducing their holdings doesn’t by itself point to a trend. In Ethereum’s daily trading volume of tens of billions of dollars, $24.58 million is just a ripple. But it’s still a signal: early investors are sitting on substantial unrealized gains, and any rebound could bring fresh selling pressure ⚠️
What’s really worth watching is how many other old wallets from around 2017 move their coins to exchanges over the next few days. That’s what could put a lid on prices.
Do you think this nine-year holder’s exit is smart money taking profits, or just a normal rotation midway through an uptrend? Let’s talk in the comments.
Tap the profile picture to watch the livestream.
Every day, I’ll help you keep up with Ethereum and Bitcoin. We won’t just cover what’s happening—we’ll help you understand the logic and opportunities behind it 👀🚀