An early Ethereum investor has likely sold their entire ETH position after blockchain data shows the holdings were moved to a centralized exchange. The sale is estimated to have generated around $274 million in profit.
This is happening at the same time as ETH continues to face selling pressure, even from institutional investors in the USA. However, some market analysts remain positive about the future of the second-largest cryptocurrency.
Ethereum OG-whale exits with 344% profit
Analytics from Lookonchain show the investor accumulated 154,076 ETH at an average price of $517. Since the end of last week, the wallet has begun sending ETH to Bitstamp, a central cryptocurrency exchange.
'Over the past two days, he has deposited an additional 40,251 ETH ($124 million) on Bitstamp and still holds 26,000 ETH ($80.15 million),' reported Lookonchain on January 10.
A few hours ago, the investor sent the final 26,000 ETH to the exchange. According to Lookonchain, the investor has made an estimated total profit of around $274 million, equivalent to approximately 344% profit.
These recent transfers follow a pattern of gradual deposits that began much earlier. Data from Arkham shows the investor first sent a total of 137 ETH to Bitstamp about eight months ago.
This was followed by a transfer of 17,000 ETH three months ago and an additional 18,000 ETH about a month ago. This suggests a long-term, gradual exit strategy rather than a single large sale.
The timing of this major seller's exit also coincides with broader signs of institutional caution. The Coinbase Premium Index for ETH remains clearly negative. The index reflects the price difference between Coinbase, often used to measure institutional sentiment in the U.S., and Binance, which reflects global retail activity.
A negative value means ETH is being traded at a discount on Coinbase compared to foreign platforms, indicating increased selling pressure from American institutions. This trend has continued into 2026 and shows ongoing risk aversion among professional investors.
Despite the ongoing selling pressure, some analysts maintain a positive outlook on ETH. They choose to focus on the future rather than short-term volatility.
Quinten François has said that Ethereum appears 'very undervalued' when comparing its economic activity to its price.
Milk Road also believes this is clearly visible in the data. According to the post, the volume of economic activity on Ethereum continues to grow, even during periods when the ETH price has not kept pace.
The analysis notes that large investors prioritize Ethereum for its accessibility, liquidity, secure settlements, and clear rules.
'As more activity moves onto the chain, transaction volume and fee revenue increase. This makes Ethereum more important. When usage remains high, ETH has historically struggled to remain stagnant for long. We will see higher prices as the spread continues. Always look at the long-term,' writes Milk Road in a post.
From a technical perspective, analysts are now identifying key patterns that could support a price increase.
The struggle between short-term selling and market confidence makes today's Ethereum market complex. Early investors are selling, and a negative Coinbase Premium index points to caution, but increasing economic activity strengthens the ecosystem. Whether the ETH price will ultimately follow this development remains to be seen.