Over the weekend, ETH/BTC fell below 0.04, its lowest level since April 2021, marking a significant 53% decline since Ethereum’s September 2022 Merge update.
ETH/BTC Drop and Whale Reaction
This decline in the ETH/BTC parity also mobilized whales. According to EmberCN's post, an Ethereum whale operating during the Satoshi era has started selling.
The Ancient Whale's Story
This whale, described as having 'diamond hands' for holding onto his assets for a long time, sold ETH purchased with a 446x profit after holding it for more than eight years. >CITE_W_A: 'An ancient whale bought 16,636 ETH from ShapeShift at a unit price of $5.23 in February 2016 and started selling these ETH 8.5 years later.'
Whale Actions and Current Ethereum Price
According to the data, the whale purchased 16,636 ETH from ShapeShift for just $5.23 in February 2016. After receiving the ETH, he held on to it until today, but hours earlier, he transferred 16,636 ETH ($39.62 million) to address 0xe3e...566 and then sold 350 ETH for $2,340. The 16,636 ETH he received at the time was only worth $87,135, but is now worth $38.92 million, a 446-fold increase. Ethereum, which has fallen 5% in the last 24 hours, continues to be traded at $2,290 at the time of writing.
This case highlights the volatility of cryptocurrency values and how patience can lead to significant financial outcomes.
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