ETH whale cashes out 1,000 ETH for $2.43 million, still holding $12.16 million in unrealized gains—what are they waiting for?

Question

On-chain data shows that a big whale recently deposited 1,000 ETH to an exchange, realizing a profit of $2.43 million at a price of $1,582 per ETH. However, this guy is still holding 7,733 ETH, with an unrealized gain of as much as $12.16 million—in other words, this move was just a small profit-taking, the real big money hasn’t been touched yet.

The Whale’s Roadmap to Wealth

The story starts in May 2024. This individual began accumulating ETH before the spot ETF was approved, spending $26.67 million to buy 8,733 ETH at an average cost of $3,054 per ETH. After the ETF was approved, ETH surged and this whale’s unrealized profit instantly hit $6 million. Not satisfied, he poured another $24.7 million into ecosystem tokens and made another $1.1 million. Now, his total unrealized gains are close to $18 million.

Selling only 1,000 ETH this time suggests the whale is selectively taking profits—locking in gains while keeping a long-term position. For the remaining 7,733 ETH to become fully profitable, ETH would need to rise to $3,937.

Institutions Are Aggressively Accumulating

Interestingly, behind this whale’s small moves, even bigger players are quietly active. In recent months, BitMine and a group of anonymous whales have accumulated $882 million worth of ETH through OTC channels. BitMine alone has hoarded 1.297 million ETH, worth $5.75 billion. Another whale quietly bought 92,800 ETH ($412 million) in four days; this approach (using OTC to avoid market impact) shows just how bullish institutions are on ETH in the long term.

The Game Between Realized and Unrealized Gains

Looking at this whale’s strategy, it’s clear the market is evolving. Realized gains provide liquidity and tax flexibility, while unrealized gains reflect major holders’ confidence in the future. This whale’s diversified approach, to some extent, reflects the market’s maturity—it’s no longer just pure gambling, but calculated asset allocation.

ETH is now both a short-term trading asset and a long-term store of value. As institutions enter the market and regulations become clearer, this dual identity will become increasingly apparent.