OTC whale sells 52,001 ETH, earns $24.5 million profit

Whale’s liquidation strategy and profit

The investor initiated their divestment in September, liquidating 42,005 ETH—then valued at approximately $111.89 million—amid broader weakness in cryptocurrency markets. They retained a balance of 9,996 ETH after that sale, which were held until a final transaction reported this week.

This latest sale involved moving the remaining 9,996 ETH, worth around $25 million, from the wallet address 0x8c58. With this final move, the whale has completely closed out the original 52,001 ETH position.

Lookonchain calculated the whale’s average acquisition price at $2,162 per ETH, resulting in a total initial outlay of roughly $112.4 million. The total portfolio was sold at an average price of $2,632 per coin, generating a realized profit of $24.48 million.

By unwinding the entire 52,001 ETH stake at higher average prices than acquired, the whale achieved a profit margin of nearly $24.5 million.

Mini dictionary: Over-the-counter (OTC), A method of trading assets directly between parties rather than through a centralized exchange. OTC desks are often used for large trades to minimize price slippage and market impact.

Other whale activity in the market

Whale activity has diverged in recent weeks, with some investors reducing their Ethereum exposure while others are increasing holdings. On October 12, Lookonchain identified a different large investor actively shifting capital from Bitcoin to Ethereum in rapid succession.

The unidentified whale first sold 410.14 BTC, valued at $34.16 million, and subsequently purchased 14,341 ETH for $36.14 million on various decentralized exchanges. Later, the same investor sold an additional 229 BTC, worth $19.1 million, and acquired 7,469.8 more ETH.

Several whales appear to be repositioning aggressively, with some rotating assets from Bitcoin into Ethereum while others realize profits on existing ETH holdings.

Ethereum market performance

Despite significant whale moves within the market, Ethereum has maintained relative price stability. The latest data from CoinGecko shows that ETH is currently trading at $2,507.47, marking a 0.7% increase over the past 24 hours.

These substantial transactions underline the continued influence of large investors in cryptocurrency markets, particularly in shaping liquidity and short-term price movements.