An Ethereum OG wallet—one of the network's early adopters—dumped a massive stash of ETH, wstETH, and WBTC for about $188 million just before this month's sharp selloff. The wallet then turned around and bought back the same assets at much lower prices, pocketing a sizable spread. The move underscores how even long-term holders are reacting to the brutal market conditions.
The $188 million exit
On June 8, the wallet sold 60,000 ETH, 9,442 wstETH, and 600 WBTC at an average price of $2,040 per asset. That price sat well above where Ethereum was trading after the crash—the asset had yet to break below the $1,800 support level. The timing wasn't accidental.
Within hours, Ethereum's price crumpled, sliding into the $1,500–$1,600 range. All major moving averages—the 50, 100, and 200-day—are now sloping downward, a textbook bearish signal. The recent low near $1,520 marked Ethereum's lowest point since February's capitulation event. The recovery so far has been weak relative to the size of the drop.
The quick re-entry
After the crash, the same wallet repurchased 611 WBTC at an average price of $63,280. Compare that to the sale price of $78,538—the wallet captured a $5.7 million spread on Bitcoin exposure alone.
The bigger gains came from Ethereum assets. The wallet bought back 60,088 ETH and 10,000 wstETH at an average price of $1,606, versus the $2,040 sale price. That's roughly $30 million in value captured across ETH and staked ETH. So the wallet didn't exit crypto entirely—it just timed the market better than most.
A market under pressure
The wallet's actions highlight the extreme volatility and downward momentum gripping crypto. Ethereum broke its $1,800 support, and nothing in the chart suggests a quick reversal. The fact that a wallet with such deep roots in Ethereum chose to sell first and ask questions later says a lot about current sentiment.
Still, the repurchase shows that even after a brutal drop, some see value at these levels. The wallet's net position is now roughly what it was before, but with a much lower cost basis. Whether the broader market follows or continues to slide is the open question—no support level has held so far.
