An early investor in Ethereum has likely made a complete exit from their position, as on-chain data reveals significant transfers of holdings to a centralized exchange. This strategic sell-off is estimated to have generated a profit of around $274 million for the investor, occurring during a period of increased selling pressure on ETH from institutional investors in the United States.
According to blockchain analytics firm Lookonchain, the investor originally accumulated 154,076 ETH at an average price of $517. In recent days, the whale began transferring portions of their holdings to Bitstamp, a well-known cryptocurrency exchange. Over the last two days, they deposited an additional 40,251 ETH, valued at approximately $124 million, and still hold about 26,000 ETH, equivalent to around $80.15 million. The final transfer of 26,000 ETH to the exchange was completed just hours ago, resulting in an impressive total profit of about $274 million, marking a gain of approximately 344%.
The recent transactions are part of a longer-term exit strategy rather than a single impulsive sell-off. Data from Arkham indicates that the investor initiated their withdrawals from Bitstamp around eight months ago, starting with a small transfer of 137 ETH. This was followed by more substantial transfers of 17,000 ETH three months prior and another 18,000 ETH roughly a month ago.
The whale”s timing aligns with a broader trend of caution among institutional investors. The Coinbase Premium Index for ETH remains significantly negative, indicating that ETH is trading at a discount on Coinbase compared to other platforms like Binance. This disparity reflects elevated selling activity from US-based institutional participants, a trend that is expected to continue into 2026.
Despite this selling pressure, some analysts are optimistic about Ethereum“s future. Quinten François, a notable market analyst, recently stated that Ethereum appears “massively undervalued” when assessing its economic activity relative to its current pricing. Similarly, Milk Road pointed out that the volume of economic activity on Ethereum is still growing, even as the price has lagged. This indicates that large investors continue to see Ethereum as a favorable option due to its reliability, liquidity, and regulatory clarity.
From a technical standpoint, some analysts suggest that Ethereum may be poised for a price recovery. They have identified key patterns indicating potential upward movement, suggesting that the market may soon see a shift in sentiment.
The complex dynamics of the current Ethereum market showcase a tug-of-war between short-term selling and long-term economic fundamentals. While early investors are exiting, the underlying strength of the Ethereum ecosystem may eventually drive a positive price alignment with its fundamentals.
