Ethereum OG Wallet’s Potential ETH Sell-Off Sparks Concerns

In a surprising move, an Ethereum OG wallet from 2017 transferred 2,200 ETH, worth about $9.92 million, to the Bybit exchange. This significant transaction has raised questions about a possible sell-off, which could bring the investor a profit of around $9.518 million.

Ethereum OG Wallet Moves 2.2K ETH

According to Wu Blockchain , an Ethereum OG wallet transferred 2,200 ETH tokens, valued at $9,920,000, to Bybit earlier today. If this leads to a sell-off, the owner could earn an impressive profit of $9.5M.

This Ethereum OG wallet has a history of carefully accumulating and moving the second-largest cryptocurrency. From May 2017 to February 2020, the whale gathered about 16,830.64 ETH at an average price of $181.35.

This year, the whale deposited 8,310 ETH to exchanges, valued at approximately $41.4 mn. This translates to an average selling price of $4,140, resulting in a total profit of $32.89 million and a return on investment of 21.82 times. The Ether transfer follows a similar movement of a dormant Bitcoin whale who shifted 1,176 BTC, valued at $136.2 million, to Hyperliquid for selling. The large holder swapped 35,991 BTC ($4.04 billion) for 886,371 tokens ($4.07 billion) between August 20 and September 1.

Ether Price Dips

Amid this possible sell-off, the Ether price is trading in the red zone. Currently, the token is valued at $4,511, down 0.02% in a day. Despite a 0.73% dip over the past month, Ether has seen a 3.5% hike over the past week.

The 24-hour trading volume is low at $31.79 billion, down by around 10%. However, with a staggering market cap of $544.45 billion, the altcoin stands firm in the second position on CoinMarketCap.

Recently, the cryptocurrency hit its all-time high of $4,758, sparking investor interest and optimism. However, the altcoin’s subsequent plummet and the early investor’s possible sell-off have invoked a fresh wave of anxiety.

If this early investor sells his 2,200 coins now transferred to Bybit , it could ignite a notable price movement in the crypto market. Analysts and experts are keenly observing the market movement to see if the price will be impacted by the trader’s moves.