Ethereum OG Wallet from 2017 Sells All Remaining ETH, Inks $8,660,000 in Profit: Lookonchain

Ethereum Wallet Sells 5,001 ETH for $8.66 Million Profit

An Ethereum wallet that had been dormant for a long time recently made a significant profit of $8.66 million by selling 5,001 ETH that it had purchased back in 2017.

According to data from the crypto tracker Lookonchain, the wallet acquired 5,001 Ethereum for $1.38 million in 2017 when the price of ETH was only $277.

The wallet held onto its Ethereum holdings through various bull runs, including when ETH reached its all-time high of $4,878 in November 2021. At that peak, the wallet would have made a profit of $23 million if it had sold its entire stash.

Recent transactions show that the wallet sold 3,000 Ethereum in early March and the remaining 2,001 ETH earlier this week, as reported by the crypto data platform Arkham.

As of now, Ethereum is trading at $1,882, down nearly 2% in the last 24 hours and over 6% in the past week.

Crypto Whales Selling Aave (AAVE)

Lookonchain also reported that crypto whales have been selling Aave (AAVE), a leading decentralized lending protocol built on Ethereum.

One whale deposited 30,001 AAVE worth $4.98 million with the digital assets prime brokerage FalconX. Another whale deposited 11,018 AAVE worth $1.86 million with the crypto exchange OKX, incurring a loss of $293,000.

Currently, AAVE is trading at $157.39, down more than 6% in the last 24 hours and nearly 12% in the past week.

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Generated Image: Midjourney