An Ethereum whale who held 9,389 ETH for roughly four years now sits on a $23.8 million unrealized loss, according to Lookonchain. Just hours earlier, the firm flagged two separate wallets pulling more than 20,000 ETH off exchanges.
One whale received 9,389 ETH worth $40.47 million about four years ago, when ether changed hands at $4,311 near the asset's late-2021 record run. He never sold. With ether recently at $1,777, that stash is now worth just $16.69 million, a $23.8 million paper loss.
A four-year round trip into the red
The wallet, tagged 0xFe99, rode the position through an entire market cycle for a 59% loss on the original purchase. Lookonchain suggested the holder may finally be capitulating.
Investors who bought at the 2021 peak watched the asset halve, recover through 2024 and 2025, then surrender most of those gains in this year's slide. As a result, many long-term holders have retreated, with one whale offloading $136 million in ETH and staked derivatives earlier this month.
Buyers step in as the price languishes
While that sell-off unfolded, a newly created wallet, 0xf31d, withdrew 8,239 ETH worth $14.5 million from multiple exchanges over 12 hours. At the same time, another whale, 0x363A, accumulated 11,843 ETH worth $20.8 million in just three hours.
Combined, the two wallets absorbed roughly 20,082 ETH, about $35.3 million at current prices. Large withdrawals from centralized exchanges can read as bullish signals, but they do not automatically guarantee a bottom.
Ether is now changing hands near $1,780, down roughly 32% this year even as bitcoin has held relative ground. The token recently lost the $2,000 level that bulls defended for weeks, a marker that could press it further down in the near to mid term.
A reversal may hinge on whether exchange outflows persist and whether ether can reclaim its $2,000 threshold. A sustained failure to do so would keep pressure on the long-term holders still deep underwater.
Source: Bitcoin News
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