A crypto whale that bought Ethereum near its all-time high four years ago is now sitting on a massive loss. The wallet, identified as 0xFe99, received 9,389 ETH worth about $40.47 million when ether was trading at $4,311 in late 2021. It never sold a single token. Now, with ether at roughly $1,777, that stash is worth just $16.69 million.
Lookonchain noted that this whale held ETH for four years, suffering a loss of $23.8 million, or 59%. This suggests the holder may finally be giving up after riding the position through an entire market cycle. Investors who bought at the 2021 peak have watched the asset halve, recover through 2024 and 2025, and then lose most of those gains in this year’s slide. Many long-term holders have folded, with one whale recently dumping $136 million in ETH and staked derivatives.
New Buyers Emerge Amid the Sell-Off
While the selling was happening, a newly created wallet, 0xf31d, withdrew 8,239 ETH worth $14.5 million from multiple exchanges over 12 hours. Another whale, 0x363A, accumulated 11,843 ETH worth $20.8 million in just three hours. Together, these two wallets absorbed around 20,082 ETH, or about $35.3 million at current prices. Large withdrawals from centralized exchanges are often seen as bullish, though they don’t guarantee a bottom.
Ethereum’s Price Struggles Below Key Levels
Ether is now trading near $1,780, down roughly 32% year to date. Bitcoin has held relatively steady by comparison. Ethereum recently lost the psychologically important $2,000 level that bulls defended for weeks. That loss could push the token further down in the near to mid term. A reversal may depend on whether exchange outflows continue and if ether can reclaim $2,000. A sustained failure to do so would keep pressure on remaining long-term holders still deep underwater.
