Ethereum OG Wallet from 2017 Sells All Remaining ETH, Inks $8,660,000 in Profit: Lookonchain

A long-dormant Ethereum wallet inked $8.66 million in profits after selling 5,001 ETH  it purchased back in 2017.

The crypto tracker Lookonchain notes the address acquired 5,001 Ethereum for $1.38 million in 2017, back when ETH cost only $277.

The wallet held its Ethereum trove through multiple bull runs, including when ETH hit its all-time high of $4,878 in November 2021. At that high point, the Ethereum holder would have made $23 million in profit had they sold.

The wallet sold 3,000 Ethereum in early March and hawked the remaining 2,001 ETH earlier this week, according to the crypto data platform Arkham .

Ethereum is trading at $1,882 at time of writing. The second-ranked crypto asset by market cap is down nearly 2% in the past 24 hours and more than 6% in the past seven days.

Lookonchain also notes that crypto whales have been selling Aave ( AAVE ), a top decentralized lending protocol built on Ethereum.

One whale deposited 30,001 AAVE worth $4.98 million to the digital assets prime brokerage FalconX. Another deposited 11,018 AAVE worth $1.86 million to the crypto exchange OKX at a loss of $293,000.

AAVE is trading at $157.39 at time of writing. The 52nd-ranked crypto asset by market cap is down more than 6% in the past 24 hours and nearly 12% in the past seven days.

Generated Image: Midjourney