Ethereum

Million

USDC

<p><strong>A whale wallet that accumulated 32,000 ETH back in January 2021 has just dumped nearly 14,000 ETH worth over $21 million, <a href="https://x.com/lookonchain/status/1714670324212752406?s=20" target="_blank" rel="noopener noreferrer nofollow">according</a> to blockchain data analytics firm Lookonchain.</strong></p>
<p>The wallet received the ETH from cryptocurrency exchange Bitfinex when the price of ETH was around $1,239 in late January 2021. This was right before the massive ETH bull run that saw the cryptocurrency reach an all-time high price of nearly $4,700 in November 2021.</p>
<p>Rather than selling during the peak of the bull market in 2021, this whale held onto their ETH bags for almost another 2 years. Now, with ETH trading around $1,577, the wallet has finally offloaded 13,871 ETH for 21.87 million USDC over the past two hours.</p>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="521" src="https://captainaltcoin.com/wp-content/uploads/2023/10/image-461-1024x521.png" alt="" class="wp-image-358798" srcset="https://captainaltcoin.com/wp-content/uploads/2023/10/image-461-1024x521.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-461-300x153.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-461-767x390.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-461-1536x781.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-461-2048x1041.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-461-295x150.png 295w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-461-100x51.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-461-688x350.png 688w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-461-788x400.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>This raises the question – <strong>why did this whale wait so long to take profits after experiencing the 2021 bull market? </strong>One speculation is that they expected ETH prices to continue climbing in 2022 and held on too long. The crypto markets have been in a bear market in 2022 and 2023, so perhaps they got tired of waiting and decided now was the time to realize some gains.</p>
<p>Another theory is that this wallet is associated with a large fund or institution that needed to free up capital due to pressures elsewhere in the markets. The US stock market has been volatile this year and many macro factors like rising interest rates, recession fears, and geopolitical tensions may have forced their hand to sell.</p>
<p>Of course, without knowing the owner of the wallet, it’s impossible to say for certain. The timing is certainly interesting given ETH price is still well below all-time high in 2021. This will likely spark debate in the crypto community on whether now is the right time to take profits or continue holding ETH for future gains.</p>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <span>We recommend eToro</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20"><strong>74% of retail CFD accounts lose money.</strong>
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eToro Now </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy the trades of leading traders, for free. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/mysterious-ethereum-whale-dumps-22-million-worth-of-eth-after-2021-bull-run/">Mysterious Ethereum Whale Dumps $22 Million Worth of ETH After 2021 Bull Run</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Mysterious Ethereum Whale Dumps $22 Million Worth of ETH After 2021 Bull Run

Table of Contents

CaptainAltcoin

Other articles published on Oct 19, 2023

Reddit Decides to Halt Blockchain-Based Reward Points Feature

Anoma Foundation and Namada Launch Community Builders Program to Propel Blockchain Privacy Forward

Unlocking Potential: Strategies to Retain Machine Learning Engineers

Activists Aim At Baneful Effects of Crypto Mining In Texas

Doge Uprising ($DUP) Announces Presale Launch: A Trailblazing Crypto Project Uniting Manga, Web3,...

Bitcoin (BTC) Defies Crypto Winter, Up 45%+ in 2023, Outpacing Gold and These Top Stocks

Join our free newsletter for daily crypto updates!