An Ethereum investor who had held tokens since the network's early days sold roughly $188 million in ETH and related assets just before the market crash in early August 2024 — and then scooped them back up at a 23% discount. The move netted a tidy profit, on-chain data shows.
How the Trade Played Out
The wallet unloaded 60,000 ETH — worth about $117.25 million at the time — alongside other tokens. That sale happened near $2,040 per ETH, just ahead of a sharp downturn. After prices tumbled, the same address started buying back ETH at levels roughly 23% lower, completing a textbook round-trip trade.
Dormant for Years
The address had held its crypto since the early days of Ethereum, meaning the cost basis was likely negligible. That made the sell-off a massive cash-out — but the quick repurchase suggests the investor wasn't exiting crypto entirely. Instead, the move looks like a calculated bet on short-term volatility.
What Comes Next
The wallet has since rebuilt its ETH position, with total holdings now larger than before the sale. Whether the trader will hold through another cycle or attempt the same maneuver again is unclear. There's no indication the address has moved funds since the buyback.
