An early Ethereum investor, identified by on-chain analysts as an Ethereum OG, sold roughly $188 million in crypto assets near local highs before a sharp market downturn, then bought back lar
An early Ethereum investor, identified by on-chain analysts as an Ethereum OG, sold roughly $188 million in crypto assets near local highs before a sharp market downturn, then bought back larger positions at substantially lower prices, according to data from Lookonchain.
According to Lookonchain, the wallet, an early participant holding coins since the network's first years, sold 60,000 $ETH and 9,442 $wstETH, along with 600 $WBTC, for a combined total of roughly $188 million. That exit came when Ethereum was still trading above $2,000, a level that held as a psychological barrier before the latest leg down. The original sale also involved staked Ethereum, with the original sale involving both spot $ETH and wstETH, indicating the holder was earning staking yield before exiting.
After the market sold off, the same wallet reversed course. The buying spree began roughly five days after the liquidation, with the address acquiring 35,723 ETH at an average price of $1,563. The position purchased accounts for roughly half the original ETH position by token count but only 39% by dollar value, since the sale was larger and at higher prices. The whale also bought back 611 $WBTC and 10,000 $wstETH at lower average prices, ending up with more tokens overall while deploying less capital on the return.
The re-entry at $1,563 represents a discount of roughly 23% from the sale price. The round-trip saw the investor lock in proceeds near the local peak, then redeploy into a cheaper market, effectively growing their holdings without increasing net spend.
The wallet's remaining stablecoin balance suggests capacity for further accumulation, and Lookonchain noted the entity may buy more.The move back into spot-only $ETH suggests the participant may favor immediate liquidity over yield-bearing assets in the current environment.
The trade is drawing attention from market watchers as Ethereum remains under pressure. The activity suggests some large holders view current prices as attractive despite persistent market weakness.
Sources:Blockchain Reporter: Ethereum Whale Buys Back $55.8M ETH After Dumping $141M Near $2,040Bitcoin.com News: Ethereum OG Offloads $136 Million in ETH and wstETH as Sellers Test $2,000AMBCrypto: Assessing Whether Whale Demand Can Absorb Ethereum's $168M ETF Exodus
