Massive Ethereum Whale Dumps 73,356 ETH, Retains $1.1 Billion in Holdings

A massive Ethereum whale that accumulated nearly 400,000 ETH when the cryptocurrency was trading at just $6 per token has recently returned to activity, sparking significant attention in the crypto market. This whale acquired 398,889 ETH for about $2.4 million between January and March 2016. Today, with Ethereum trading at $3,350, that stash is worth over $1.34 billion.

After eight years of inactivity, the whale began selling on November 7, unloading 73,356 ETH valued at approximately $224.4 million. Despite these sales, the wallet still holds 325,533 ETH worth $1.1 billion, maintaining its status as a major player in the Ethereum ecosystem.

This renewed activity coincides with Ethereum’s recent 8.5% price surge during a broader cryptocurrency market rally. Bitcoin, the leading cryptocurrency, is nearing the $100,000 milestone for the first time, while Ethereum still trades below its all-time high of $4,600 reached in 2021.

Interestingly, Ethereum’s circulating supply on exchanges has been shrinking. In a single week last month, approximately $750 million worth of ETH (300,000 tokens) was withdrawn from exchanges. On-chain analysts interpret this as a bullish signal: with less ETH available on exchanges, steady or rising demand could drive prices higher.

Some Ethereum holders are choosing to stake their tokens instead, leveraging the network’s Proof-of-Stake consensus mechanism to earn yields. This shift from exchanges to personal custody or staking underscores confidence in Ethereum’s long-term potential.