An early Ethereum investor has made headlines by offloading a massive 14,000 ETH, netting a significant profit of $29 million. The transaction, which took place on February 27, 2025, was valued at approximately $31.92 million. Blockchain analytics platform Arkham Intelligence tracked the transaction, revealing that the whale behind the wallet address 0x95B…A90e7 transferred the 14,000 ETH in two separate transactions, each containing 7,000 ETH, to Wintermute OTC, a leading crypto trading platform.

The Source of the Funds

The 14,000 ETH originated from a long-standing Ethereum address, 0x035…8dFC7, which had accumulated a total of 35,932 ETH between 2016 and 2018. This acquisition was made at an average price of $203.22 per ETH, totaling an investment of $7.3 million. Over time, the wallet address has moved its holdings across different blockchain wallets, some of which have had prior dealings with Wintermute OTC. This indicates that the whale has likely been preparing for a substantial move, which culminated in the recent sell-off.

A $29 Million Profit

After transferring the 14,000 ETH, the whale likely realized a profit of $29.07 million. The ETH moved to Wintermute OTC are generally sold for stablecoins, which suggests that the investor chose to cash out the tokens. At the time of the transaction, the whale’s wallet was left with just 0.515 ETH, worth about $1,093. Additionally, the original address still holds 49.562 ETH, worth approximately $105,140. The massive profit underscores the success of the whale’s early investment strategy, having acquired Ethereum at significantly lower prices years ago.

Ethereum’s Market Struggles

This transaction comes at a time of heightened market volatility, as the crypto space faces an ongoing downturn. The broader market sentiment has been shaken, with the Fear and Greed Index recently dropping to a multi-year low of 10, indicating widespread market fear. The downward movement in Ethereum’s price has been exacerbated by heavy sell-offs, with whales and institutional investors parting with significant amounts of ETH. For instance, over a 13-hour period, 8,074 ETH was sold at an average price of $2,431. This panic selling seems to have set the tone for the market, creating further uncertainty.

Institutional Involvement and Market Reactions

Ethereum’s struggles extend beyond retail investors, as institutional players are also offloading their holdings. On the same day as the whale transaction, BlackRock, a prominent asset manager, moved 30,280 ETH worth $71.85 million to Coinbase. This transaction is seen as part of BlackRock’s broader strategy, aligning with the outflow of $70 million from its iShares Ethereum Trust (ETHE). Other spot ETF issuers, such as Grayscale Investments and Fidelity, also sold off a combined $24.5 million worth of ETH tokens. These movements have added fuel to the fire, suggesting a broader trend of institutional profit-taking.

A Slight Recovery in the Market

Despite the large-scale sell-offs and widespread fear, the market has shown signs of recovery. The Fear and Greed Index has since rebounded to a level of 21, reflecting a gradual improvement in sentiment. However, Ethereum’s price continues to struggle, currently sitting at $2,179. The token has experienced a 5.91% decline in the past 24 hours and a significant 22.33% drop over the past week.

Conclusion

The early Ethereum whale’s decision to liquidate 14,000 ETH has highlighted the ongoing volatility in the crypto market. With the price of ETH facing significant downward pressure, it remains uncertain whether the asset will stabilize or continue to decline. This transaction serves as a reminder of the high-risk, high-reward nature of the crypto space, with substantial profits available for early investors, but also significant market turbulence affecting even the largest institutional players.