Long sleep over: crypto whale books $44.8 million profit after seven-year ETH hold
Analytical platform Lookonchain has recorded the awakening of one of the oldest Ethereum wallets. An address that had been inactive for over seven years unexpectedly became active and began a massive sell-off of assets. The investor, whose patience could have gone down in history, decided to exit the position, realizing coins worth tens of millions of dollars.
Seven years of silence and sudden realization
Over the past two days, wallet 0x0965 sold 27,585 ETH worth approximately $44.84 million. The average selling price was $1,625 per coin. Net profit from the operation exceeded $39 million. However, what is notable is not the sale itself, but the colossal difference between the peak paper profit and the actual realized income. At the market's historical peak, the investor's position was valued at over $130 million, nearly three times the current realized value.
The transaction structure indicates that the cryptocurrency was deposited to address 0xaE5d3d back in the era of the decentralized exchange EtherDelta. Two weeks ago, the investor consolidated their assets by transferring 27,586 ETH worth about $46.5 million to wallet 0x0965. It was from this address that the active sale of coins subsequently began.
Trade fragmentation and missed opportunity
To sell the assets, the investor used the CoW Protocol infrastructure. Ether was first wrapped into WETH via the Wrapped Ether smart contract, then exchanged for the stablecoin USDS. Transactions were broken into parts ranging from 100 to 2,304 ETH per operation. This approach is typical for minimizing price slippage when offloading large volumes.
The huge gap between peak and actual profit clearly illustrates the costs of long-term holding. The coins were purchased near minimum values, and at the peak they were worth nearly three times the final realization price. This is a classic example of how even the most patient investor can err in choosing an exit point, missing out on the lion's share of potential gains.
Expert opinion: This case is a stark reminder that the "HODL" strategy is not a panacea. Profit-taking is an art that requires no less discipline than holding a position. The market rewards not only patience but also timely actions.