Blockchain monitoring service Lookonchain has brought to light significant trading activity from an individual who participated in Ethereum’s (ETH) initial coin offering (ICO).
After a prolonged period of inactivity, this early investor recently liquidated nearly $30 million worth of ETH.
Findings shared by Lookonchain on the social media platform X reveal that this previously dormant Ethereum stakeholder began selling thousands of ETH within a brief span of less than four weeks, commencing around April 17th.
The transactions suggest that the Kraken crypto exchange received the coins, likely for sale.
Notably, a sale on May 3rd involved 1,500 ETH, valued at $1.76 million.
Since breaking their dormancy, this entity has sold a total of 16,500 ETH at an average price of $1,779, netting approximately $29.35 million while still retaining 13,500 ETH worth around $24.82 million.
At the time of this report, ETH was trading at $1,830, down 4.8% for the day.
TRUMP Memecoin Whales Divest, Incurring Substantial Losses
The analytics firm also reported on the movements of large-volume holders of the Official Trump (TRUMP) memecoin, noting that these investors are divesting their assets, albeit at a financial detriment.
According to Lookonchain, two prominent “whales” collectively sold 765,128 TRUMP tokens (worth $8.58 million), incurring a total loss of $2.34 million.
One such investor (identified as 3kjP9L), who had previously earned $196,000 from TRUMP, sold 337,560 tokens for $3.81 million on May 4th, resulting in a $1.38 million loss.
Another whale (7X6Vun), with prior TRUMP profits of $732,000, also sold on May 4th, offloading 427,568 tokens for $4.77 million and losing $961,000.
These actions reportedly not only erased all their previous gains but also led to a principal loss of approximately $1.42 million.
The TRUMP token was trading at $11.00 at the time of reporting, reflecting a 4.55% decrease in the last 24 hours.
Contrasting Fortunes: A Multi-Million Dollar Profit for One BTC and Altcoin Whale
In a contrasting scenario, Lookonchain also tracked a different substantial investor who has successfully pursued a long strategy on Bitcoin (BTC) and a wide array of altcoins, including ETH, currently yielding significant returns.
This particular whale is reported to have established bullish positions in BTC, ETH, SOL, LTC, XRP, LINK, and sixteen other cryptocurrencies over the past month, securing total profits exceeding $9 million.
A key part of this strategy involved purchasing 309 BTC for $24.68 million, at an average price of $79,792.
This Bitcoin holding alone is now demonstrating unrealized profits exceeding $5 million.
Also Read: Ethereum Might Break $2,200 Price Predicted
