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0x2ce, an Ethereum investor, recently transferred a significant amount of Ethereum (ETH) and is known for his wallet address.
This transfer involved 4,153 ETH, worth approximately $12.17 million at the current exchange rate, $2,931 per ETH.
Are Long-Term Ethereum Investors Turning to Cash?
First, 0x2ce sent the funds to an intermediary wallet, 0x1d9, before the final transfer. Such transfers to platforms like Coinbase generally indicate intent to sell, unlike withdrawals to self-custody wallets that indicate intent to hold.
Regarding profitability, this crypto whale has made significant gains, according to on-chain analysis platform Spot On Chain. He first purchased 12,423 ETH from Poloniex at an average cost of $11.03 per ETH, for an estimated total value of $137,000, between July 26 and August 8, 2016.
Since this initial purchase, this investor has deposited 9,436 ETH at an average price of $2,245 on exchanges like Coinbase and Luno, totaling approximately $21.2 million.
âThe crypto whale still holds 2,566 ETH (~$7.48 million) in the 0x2e3 subwallet,â Spot On Chain said.
This transaction is part of a broader trend observed among Ethereum long-term holders. According to data from on-chain analytics platform Glassnode, there is a decline in the total ETH supply, which has been dormant for five to seven years. This metric has decreased by more than 15%, falling from 11.6 million ETH tokens at the end of February to the current 9.8 million ETH.
Despite this trend of large-scale selling, experts are still optimistic about Ethereum's market outlook. Hitesh Malviya, founder of on-chain analytics platform DYOR, points out a few positive signals.
Malviya stated that "ETH is approaching its bottom levels."
These positive signs include the fair price pattern on DYOR, which has recently risen, and the increase in average on-chain demand, with a 16.91% increase in the ratio of TVL (Total Locked Value) to market cap.
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