An early Ethereum investor who has held coins since the network’s inception sold roughly $136 million worth of ETH and wstETH over the past week, according to on-chain data. The sale included 55,000 ETH valued at $112.25 million, with the rest coming from wrapped staked ether. The move by a longtime holder — one of the original whales — adds to selling pressure on a market already jittery after recent volatility.
The breakup of the dump
The bulk of the sale was straight ETH, but the investor also moved a significant amount of wstETH, the liquid staking token from Lido. WstETH lets holders earn staking rewards while keeping the asset tradable. The combined total of both tokens came to about $136 million. It’s not clear whether the whale exited in a few big trades or a series of smaller ones, but the effect was the same: a chunk of long-held supply hitting exchanges.
Who is this whale?
The facts don’t name the wallet or person. What is known: the address has been active since Ethereum’s genesis block in 2015. That alone puts the holder in a tiny group. Early miners and presale participants who never moved their coins are rare. Seeing one finally cash out — at least partially — raises eyebrows. It doesn’t mean the whale is bearish; they could be rebalancing, paying taxes, or funding something else.
Timing and market context
The sales happened this week, between roughly May 23 and May 30. That’s a period when ETH has been trading in a wide range, with no clear breakout. Large holder movements often get flagged by analytics platforms, and this one was no exception. The dump didn’t trigger a major crash — ETH held above $2,000 during the week — but it didn’t help sentiment either. For a market looking for direction, a whale exit is a data point that leans cautious.
What happens next is the usual question. The whale still holds a sizable position; the sale might be done, or more could come. The address hasn’t been fully drained. If the selling continues, traders will watch for resistance levels. If it stops, the episode fades into background noise. For now, it’s a reminder that even the oldest hands in crypto eventually move.
