Why Are OG Crypto Whales Cashing Out? Early ETH Holders Move Millions

An early Ethereum holder sold 3,000 ETH for more than $7.2 million after buying the tokens nine years ago at $18.83 each, a 128-fold return, according to on-chain data from Friday. The sale follows other transfers by long-term Ethereum investors in October: one deposited 6,369 ETH worth about $16 million to Kraken after accumulating at $14 each, while an initial coin offering participant moved 13,330 ETH worth over $36 million to Coinbase. That wallet originally received 170,000 ETH in the 2015 ICO at $0.31 per token. Ethereum traded around $2,400 at press time after rising from below $2,000 to $2,800 and slipping to $2,300.