$27 million missed in Ethereum whale sale
An Ethereum (CRYPTO:ETH) whale recently sold its entire holding of 10,000 ETH after holding it for over 900 days, securing a profit of $2.75 million but missing out on a potential peak profit of $27.6 million.
The whale initially purchased the ETH in two transactions during October and November 2022 for approximately $13 million at an average price of $1,295 per token, according to blockchain analytics service Lookonchain.
During the holding period, Ethereum reached a high of over $4,000, which would have yielded a profit of $27.6 million if sold at that time.
However, the whale chose not to sell then and instead exited the market when ETH was valued at around $1,578.
"He didn’t sell when Ether broke through $4,000. But today, he exited with a $2.75 million profit. The profit at the peak was $27.6 million," Lookonchain noted in an April 8 X post.
This decision highlights the challenges of market timing, even for large investors.
The choice to hold through Ethereum's peak and sell during a less favorable period underscores the emotional and strategic complexities involved in managing significant cryptocurrency positions.
The broader cryptocurrency market is experiencing a downturn, with Ethereum's price dropping by 24% over the past week due to global economic pressures and market volatility.
In a related development, Donald Trump's World Liberty Financial (CRYPTO:WLFI) may have also sold part of its Ethereum holdings at a loss.
A wallet possibly linked to the project sold 5,471 ETH for approximately $8.01 million at $1,465 per token, according to Lookonchain.
This sale occurred after World Liberty Financial had accumulated a stash of 67,498 ETH at an average purchase price of $3,259 per token.
The current market conditions have led to significant liquidations, with another whale losing 67,570 ETH worth around $106 million on a decentralised finance lending platform due to a failed position.
At the time of reporting, the Ethereum (ETH) price was $1,479.64.
