In the undercurrents of the crypto market, an ETH whale dormant for nearly a decade is quietly stirring the landscape.
On-chain analysts have detected that 'OG addresses' holding coins since 2015 have begun to realize profits intensively since August 2: in the past four weeks, they have sold a total of 14,639.2 ETH, cashing out approximately 34.65 million USD; from August 2 to 13 alone, they sold 5,125 ETH (around 20.13 million USD) through on-chain sales + platform sales. Their initial cost was only 1.33 USD, and they still hold 23,941 ETH (worth 110 million USD) — this decade-long 'wealth harvesting' is bringing a chain reaction to the market.
1. The Value Code of 'Fossil-Level' Holdings
In August 2015, this address purchased ETH from ShapeShift and Poloniex, at a time when ETH was still in the 'prehistoric era': its market cap was less than 100 million USD, and the ecosystem only had early mining and simple transfers. Its cost of 1.33 USD witnessed the entire process of the crypto market evolving from wilderness to prosperity, and the holding itself is a historical specimen of 'crypto fossil'.
This 'super long-term holding' contains three layers of value logic:
Cost advantage crushing: The current ETH price (about 4,590 USD) has a huge price difference from its cost, giving it 'unlimited stop-loss space'; any profit-taking is excess returns;
Market cycle insights: Having experienced the 2017 bull market, 2018 crash, and 2021 DeFi craze, whales' understanding of market cycles far exceeds that of ordinary traders; profit-taking at this time may imply a judgment of a short-term top;
Ecological dividend accumulation: Over the past decade, ETH has grown from an 'air coin' to the cornerstone of the DeFi and NFT ecosystems; whale holdings are not just tokens but 'original equity' of the crypto ecosystem, and selling behavior is essentially a phased realization of ecological dividends.
2. The Market Transmission Effect of Whale Profit-Taking
The sale of nearly 15,000 ETH (about 34.65 million USD) by a single address has a far-reaching impact on the market beyond the digital amount itself:
(1) Short-term Liquidity Shock
Exchange selling pressure: 5,125 ETH flowing into trading platforms (like OKX, Binance) will instantly increase market sell orders. For example, the ETH spot depth at the 4,600 USD level is about 3,000 ETH/USD; whale sell-offs may break short-term support, triggering panic selling among retail investors;
Derivative chain reaction: Whale sell-offs leading to price drops will trigger stop-loss orders in the futures market. Data from 2024 shows that ETH futures open interest exceeds 8 billion USD; if the price drops below 4,500 USD, it may trigger 500 million to 1 billion USD in stop-loss orders, exacerbating volatility.
(2) Mid-term Expectation Restructuring
The signaling significance of whale behavior: In the crypto market, 'ancient whales' operations are often seen as cycle signals. In November 2021, after BTC whales concentrated on profit-taking, the market initiated a 50% correction; this time, ETH whale profit-taking may lead institutional investors to reassess ETH's short-term valuation.
Reallocation of capital flows: The cash-out of 34.65 million USD will flow into other crypto assets or traditional markets. Some funds may shift to BTC (seeking safe haven), SOL (ecological hotspots), or flow back into US tech stocks, triggering an internal capital rebalancing in the crypto market.
(3) Long-term Ecological Impact
Fluctuations in ecological confidence: Whale sell-offs may cause ecological developers to worry about 'early supporters leaving', affecting the financing and development pace of new DeFi projects;
Optimization of Holding Structure: From another perspective, after the reduction of whale holdings, the chips are dispersed into more institutions and retail hands, which may enhance the market's 'anti-manipulation' capability and benefit the long-term healthy development of the ETH ecosystem.
3. Strategies for Ordinary Traders
In the face of the impact of whale profit-taking, ordinary traders need to grasp three dimensions:
(1) Short-term: Control Leverage, Beware of Volatility
Reduce futures leverage to within 3 times to avoid pin bar market triggered by whale sell-offs;
Spot investors can set up staggered buy orders at key support levels (such as 4,200 USD) to capture opportunities during panic selling.
(2) Mid-term: Tracking Capital Flows
Monitor the changes in ETH reserves on exchanges; if the ETH sold off by whales is absorbed by institutional wallets (like Grayscale, Coinbase custody addresses), there is no need for excessive panic;
Focus on alternative targets for capital flows (such as SOL, ARB) to capture the dividends of capital redistribution.
(3) Long-term: Returning to Ecological Value
Whale profit-taking does not change ETH's ecological value; DeFi locked value, NFT trading volume, and Layer 2 activity are still growing;
Layout the long-term value of the ETH ecosystem (such as the LSD track, ZK-Rollup projects), sharing the dividends of ecological growth rather than short-term price fluctuations.
4. The Nature of the Market: The Game of Cycles and Human Nature
The profit-taking of this ancient whale is essentially a microcosm of the 'cycle reincarnation' in the crypto market: early participants reap the rewards of the era, while new entrants continue to drive the market forward. The 1.33 USD in 2015 is the reward for courage and vision; the profit-taking in 2025 is a tribute to the market cycle.
For ordinary traders, it is important to understand: the wealth code of the crypto market is always hidden in the triangular balance of 'cycle awareness + ecological faith + risk control'. Whale sell-offs are not the end, but an opportunity for market self-evolution — when chips shift from 'fossil-level' addresses to new value discoverers, the next round of growth in the ETH ecosystem may just be starting.
In this decade-long wealth game, the only constant is that the market always rewards those who 'understand cycles and respect risks'.
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