He Bought Ethereum for $7 Each: Old Whale Started Selling His Coins.

According to CoinGecko data, Ethereum ($ETH ) gained more than 5 percent during the week, rising above $2,600. Long-term $ETH investors took this rise as an opportunity and started selling.

According to on-chain analysis platform Spot On Chain, an Ethereum whale that had been silent for a long time got back into action this week by selling 12,979 Ethereum for $34.3 million. This sale took place as Ethereum gained about 6 percent in value.

This whale had withdrawn 21,632 ETH from ShapeShift and Poloniex exchanges at $7 each in 2016. The investor, who has sold a total of 15,879 ETH since May, earned $43.5 million from the sales at an average price of $2,739.

He made a 141x return thanks to ETH

The whale has been actively selling since May and continues to increase his profits. With the last transaction, he still has 5,760 $ETH (approximately $15.5 million). This whale, which made a total profit of $58.84 million, made a 141x profit with its investment. The last sale took place in the early hours of today.

These movements of the Ethereum whale are closely followed by market participants and are expected to have a potential impact on the asset price.

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