A whale awakened after 7 years: selling 27,585 ETH brought in $44.8 million, but the missed profit is colossal.
The Ethereum market witnessed a rare event: an old wallet that had remained silent for over seven years suddenly activated and began a massive sell-off. Over the past two days, 27,585 ETH worth approximately $44.84 million were sold from the address 0x0965. The average selling price was $1,625 per coin, yielding a net profit of over $39 million. However, data shows that this "whale" missed the opportunity to earn much more.
Long Sleep and Awakening
The history of this address dates back to the era of the decentralized exchange EtherDelta. Funds were deposited into the wallet 0xaE5d3d in batches, and in those years their value was measured in hundreds of thousands of dollars. Two weeks ago, the investor consolidated the assets, transferring 27,586 ETH (then worth about $46.5 million) to the new address 0x0965. It was from this address that active selling began.
The CoW Protocol infrastructure was used for the sales. ETH was first converted to WETH via the Wrapped Ether smart contract, and then exchanged for the stablecoin USDS. The transactions were split into portions ranging from 100 to 2,304 ETH per operation — a standard practice to minimize price slippage when selling large volumes.
Missed Profit: The Price of Patience
The most notable aspect of this story is the colossal gap between the peak paper profit and the actual profit. The coins were purchased near the minimum values. At the market peak, when Ethereum traded above $4,800, the whale's paper profit exceeded $130 million. However, the position was not locked in, and ultimately the assets were sold at a price nearly three times lower than the all-time high.
This case is a classic example of the costs of long-term holding without a strategic exit. The investor, showing phenomenal patience, ultimately failed to realize the bulk of the potential gain. The market does not forgive blind faith in endless growth, and this episode serves as a harsh reminder of the importance of timely profit-taking.
Expert Opinion:
The awakening of "ancient" whales is often perceived as a bearish signal, but in this case, the sales volume is relatively small for the Ethereum market. What is far more important is the psychological aspect: such stories undermine the faith of small holders in the boundless potential of "hodling." The market moves in cycles, and the ability to exit in time is no less valuable a skill than the ability to enter in time.