Ethereum has been on an upswing recently, rising 13% this week to surpass $3,800 for the first time since late 2021. But one enormous Ethereum whale appears to be preparing for a massive sell-off after patiently holding it for more than three years, according to SpotOnChain.
After three years of hibernation, the whale now sits on an Ethereum stack worth $385 million at current prices. If this holder decides to sell everything, they will benefit by $24.3 million off their initial $153 million investment, representing a 177% return.
However, the whale still has $246 million in unrealized gains if they choose to keep their remaining 100,180 ETH.
With Ethereum still trading approximately 20% behind its all-time high of $4,900 from the 2021 bull run, this cryptocurrency behemoth will have to decide whether to take some chips off the table or ride it out in the hopes of setting new highs.
Whatever decision this hibernating whale makes, the sheer size of their position may have an impact on the cryptocurrency markets in the next days and weeks.
Release: The purpose of this content is only to provide knowledge. Readers have to do their own research before making investment decisions.
