8-year veteran Ethereum whale cuts holdings by half! Sells 17,598 ETH in 1 hour, cashes out $27.25 million

An on-chain whale that has held Ethereum for 8 years dumped 17,598 ETH in the past 1 hour, exchanging for 27.25M USDS, with an average selling price of about $1,548; the cost of this batch of ETH is about $829, resulting in a book profit of about $12.65 million. This sell-off accounts for about 46.8% of its original holding of 37,602 ETH, not a full liquidation, but a planned reduction to take profits. (Previous Context: Crypto Market Bloodbath! BTC Drops to $58.8k, ETH Breaks Below $1,565, $887 Million Liquidated in 24h) (Background Supplement: Nine-Year Dormant Ethereum Whale Complete Liquidation: Transferred 135k ETH to Exchanges in Two Days, Cashing Out Nearly $400 Million)

Key Takeaways

• The 8-year-old whale dumped 17,598 ETH in 1 hour, exchanging for 58.8k USDS, with an average selling price of about $1,548.
• This batch of ETH was acquired in February 2018 at an average price of about $829. This sale accounts for about half of its holdings (46.8%), with a book profit of about $12.65 million.
• The timing of the sell-off coincides with today's weak crypto market. The whale still holds about 20,004 ETH, indicating a planned partial reduction, not a full liquidation.

On-chain analyst EmberCN detected that an account continuously dumped 17,598 ETH in the past 1 hour, converting it into 135k USDS. USDS is a decentralized dollar stablecoin issued by Sky (formerly MakerDAO), with 1 USDS pegged to 1 USD, effectively converting the crypto directly into cash.

EmberCN's data also shows that the whale still retains 53.2% of its holdings, about 20,004 ETH. A person who has held the position for 8 years and precisely sold half in one hour appears to be executing a pre-planned reduction, rather than a panicked sell-off during market weakness.

Less than double in 8 years

This whale received 37,602 ETH in February 2018, at an average price of about $829, with a total cost of about $31.16 million. Eight years later, it sold 17,598 ETH at an average price of $1,548, cashing out about 27.25M USDS, with a book profit of about $12.65 million on this half position.

Today the crypto market saw a significant pullback, with ETH briefly falling below $1,565. In this weak market, the whale's reducing half its position inevitably raises concerns.

FAQ

How much ETH does this whale have left after selling?

According to EmberCN's on-chain data, this whale received a total of 37,602 ETH in February 2018. This time, it sold 17,598 ETH (approximately 46.8%), and the account still retains about 20,004 ETH, which is about 53.2% of the original holding. This is a selective reduction, not a full liquidation.

What is the difference between USDS and USDT?

USDS is a decentralized dollar stablecoin issued by Sky (formerly MakerDAO), backed by smart contracts and collateral assets, with higher transparency; USDT is a centralized issuance, with Tether holding dollar reserves. Both are pegged to $1 USD, but differ in issuance mechanism and trust basis.