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Points of Focus
- An Ether whale that accumulated roughly 130,591 ETH in 2023 has transferred 128,972.05 ETH to exchanges over the past week.
- The ETH was originally acquired at an estimated average price of around $2,026, while the recent transfers occurred at an average of roughly $2,680.
- If the deposited ETH was sold around those prices, the whale’s estimated profit would be around $84.31 million.
An Ether (ETH) whale that accumulated more than 130,000 ETH three years ago has moved almost the entire position back to exchanges, potentially locking in tens of millions of dollars in profit.
The latest transaction came on Sept. 27, when the entity transferred another 16,919 ETH, worth about $45.85 million, to an exchange.
The transfer brought the whale’s exchange deposits over the past week to 128,972.05 ETH, valued at roughly $345 million at an average transfer price of $2,680.31.
The activity marks a near-complete unwind of a position established in 2023.
According to onchain analyst Ember, the entity withdrew 130,592 ETH from Bitfinex in 2023 for around $264 million. That implies an average acquisition price of $2,026 per ETH.
持仓 ETH 3 年时间的巨鲸/机构，在 9 小时前继续止盈了 30,825 枚 ETH ($8303 万)，一周时间他们共转进 Bitfinex 112,053 枚 ETH ($3 亿) 实现盈利 $7283 万。
◎他们在 2023 年以从 Bitfinex 提出 130,592 枚 ETH ($2.64 亿)，均价 $2,026。
◎最近一周里一共转进了 Bitfinex 112,053 枚 ETH ($3… pic.twitter.com/h2NVuiNBdi— 余烬 (@EmberCN) September 27, 2026
$72.83-million profit estimate didn’t last long
Earlier on Sept. 27, Ember calculated that the whale had transferred 112,053 ETH, worth roughly $300 million, back to Bitfinex during the preceding week.
At that point, the ETH had been moved at an average price of $2,676, implying an estimated profit of $72.83 million relative to the original acquisition cost.
But the whale continued moving ETH.
The subsequent 16,919 ETH transfer increased the total sent to exchanges to 128,972.05 ETH. Based on the reported acquisition and transfer prices, the estimated profit on those coins increased to approximately $84.31 million.
There is an important limitation to that calculation.
Sending ETH to an exchange does not prove that the assets were sold. Unless subsequent trades can be independently established, the $84.31 million figure should be treated as an estimated profit based on the transfer prices rather than confirmed realized gains.
Almost the entire 2023 position has moved
The 128,972.05 ETH sent to exchanges represents 99% of the 130,592 ETH originally accumulated in 2023.
The transactions therefore show something more substantial than a single whale deposit: Nearly the entire three-year position has now moved back onto trading platforms.
What happens after those deposits is less certain. The blockchain can establish where the ETH moved, but exchange deposits alone cannot establish whether every coin was sold, at what exact price, or whether the entity ultimately realized the full estimated $84.31-million gain.
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