An early Ethereum whale reportedly sold 14,000 ETH via leading crypto algorithmic trading platform Wintermute OTC, according to blockchain data. The transaction, valued at approximately $31.92 million, occurred on February 27 at 22:58 UTC.
Transaction Details
- Amount Sold: 14,000 ETH
- Destination: Wintermute OTC (via two 7,000 ETH transfers)
- Wallet: 0x95b…A90E7 (identified by Arkham Intelligence)
👉 How Wintermute OTC facilitates large crypto trades
Origin of Funds
The 14,000 ETH originated from an ancient Ethereum address (0x035…8DFC7), which initially accumulated 35,932 ETH between September 2016 and December 2018 at an average price of **$203.22 per ETH** ($7.3 million total).
Key observations:
- The source address gradually redistributed funds to secondary wallets over years.
- Several intermediary wallets previously interacted with Wintermute OTC.
- Proceeds from the sale were likely converted to stablecoins, netting the investor $29.07 million.
Current balances:
- Selling wallet: 0.515 ETH ($1,093)
- Source address: 49.562 ETH ($105,140)
Market Context
This dump coincides with a broader crypto market downturn:
- Fear & Greed Index dropped to 10 (extreme fear) post-sale.
Institutional sell-offs included:
- BlackRock transferring 30,280 ETH ($71.85M) to Coinbase.
- Grayscale and Fidelity selling $24.5M worth of ETH.
- ETH price fell 5.91% in 24 hours (now $2,179).
FAQ Section
Q1: Why would an early investor sell ETH now?
A1: Profit-taking during market volatility or rebalancing portfolios ahead of regulatory uncertainty.
Q2: How does Wintermute OTC handle large transactions?
A2: 👉 Wintermute specializes in discreet, liquidity-optimized trades, often converting crypto to stablecoins to minimize price impact.
Q3: What’s driving Ethereum’s price decline?
A3: Combination of ETF outflow concerns, macroeconomic pressures, and whale sell-offs exacerbating bearish sentiment.
Q4: Could this dump trigger further ETH price drops?
A4: Large sales increase short-term selling pressure, but Ethereum’s long-term fundamentals (e.g., EIP-4844 upgrades) remain strong.
Key Takeaways
- Early adopters continue capitalizing on ETH’s historic gains.
- OTC platforms provide discreet liquidity for whales.
- Market sentiment remains fragile amid institutional outflows.
Data accurate as of February 28, 2024.