Seven years of silence: ancient ETH whale locks in $44.8 million profit, but misses out on $130 million
The market witnessed a rare event: an old Ethereum wallet that had been dormant for over seven years suddenly activated and began a massive sell-off. On-chain data analysis shows that the investor, whose address is 0x0965, realized 27,585 ETH worth approximately $44.84 million over the past two days.
The average selling price was $1,625 per coin. The net profit from this operation exceeded $39 million. However, what is particularly telling is that at the peak of Ethereum's market value, this package was valued at over $130 million. Thus, the long holding period, which should have yielded super profits, ultimately "ate up" a significant portion of the potential income.
Anatomy of the Trade: From EtherDelta to CoW Protocol
The history of this wallet dates back to the era of the decentralized exchange EtherDelta. That's where ETH originally arrived at address 0xaE5d3d, when the value of these assets was measured in hundreds of thousands of dollars. Two weeks ago, a key consolidation occurred: the whale transferred 27,586 ETH (then worth about $46.5 million) to a new address, 0x0965, from which the active selling began.
To offload such a large volume, the CoW Protocol infrastructure was used. ETH was first wrapped into WETH via a smart contract and then converted into the stablecoin USDS. Transactions were broken down into parts ranging from 100 to 2,304 ETH — a standard practice to minimize price slippage when liquidating large positions.
Lesson for the Market: The Price of Patience
This case is a clear illustration of the long-term investor's dilemma. The coins were bought at lows, but holding the position until the very "bottom" of the current cycle resulted in profit-taking occurring far from historical highs. The gap between the peak paper profit and the actual realization is over $85 million.
Expert Opinion: Such movements by "ancient" whales are an important signal for the market. They may indicate a shift in sentiment among long-term holders. However, this isolated case should not be interpreted as a panic sell-off. Rather, it is a cautious profit-taking after years of waiting, backed by a desire to shift assets into more stable instruments, such as stablecoins. The market will be closely watching whether other "sleeping" addresses follow this example.