An early Ethereum investor has likely completed a full exit from a 154,076 ETH position accumulated at an average price of $517, with blockchain data showing final transfers to a centralized exchange and an estimated profit of approximately $274 million.
What Happened; Whale Completes Exit
Blockchain analytics firm Lookonchain reported that the investor began transferring holdings to Bitstamp late last week, depositing 40,251 ETH worth $124 million over two days before moving the final 26,000 ETH to the exchange several hours ago.
The exit represents a gain of approximately 344%.
Data from Arkham indicates the investor followed a staged exit strategy over eight months, starting with 137 ETH before larger transfers of 17,000 ETH three months ago and 18,000 ETH roughly one month ago.
The timing aligns with broader signs of institutional caution.
The Coinbase Premium Index for ETH remains deeply negative, indicating the cryptocurrency trades at a discount on Coinbase compared to offshore platforms and suggesting elevated selling pressure from U.S.-based institutional participants.
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Why It Matters; Valuation Debate
Despite ongoing selling pressure, some analysts maintain a positive outlook on ETH.
Quinten François has suggested Ethereum appears "massively undervalued" when comparing its economic activity with its price.
Milk Road noted that large investors continue to prioritize the network for its uptime, liquidity, settlement reliability and regulatory clarity.
"As more activity moves onchain, transaction volume and fee generation increase, raising the economic weight placed on Ethereum's base layer," Milk Road stated.
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