Ether (ETH) fell to a two-year low of $1,412 this week and the volatility appears to have been too much for one long-time holder, who sold of the majority of their stash acquired at around $8 in 2016.
On-chain data shows that the wallet in question swapped 14,015 ETH for $22 million USDC over a 15-hour period on decentralized exchange Uniswap.
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The investor also sold 6,630 ETH in May 2022 and 4,035 ETH in June 2023 — each time during a major market dip.
This time was no different with ETH having just tumbled from a cycle high of $4,000 in December. They still hold 521 ETH valued at $830,000.
ETH has rebounded in line with the wider market on Thursday, currently trading at $1,598 having risen by 8.2% in the past 24 hours. Trading volume has also increased by 25% to $33 billion as optimism creeps into the market following U.S. President Donald Trump’s decision to pause tariffs for 90 days.