Whale Who Bought Ethereum at $0.31 Ended Long Selling Wave and Started Buying – Here Are the Details

One of the major investors who participated in Ethereum's ($ETH) initial coin offering (ICO) has started accumulating again, ending a year-long sell-off.

During Ethereum's initial coin offering, $ETH was sold for $0.31 per coin. The fact that a significant amount of $ETH had already been mined on the Proof of Work consensus network prior to the sale sparked controversy.

According to on-chain data, the whale in question withdrew a total of 13,600 $ETH from exchanges over the past three weeks. The total value of these purchases is approximately $47 million.

The latest transaction occurred just minutes ago, with 2,000 $ETH withdrawn at an average price of $3,456 per $ETH. This move marks the whale's first major accumulation in two years.

The whale, who previously deposited 6,000 $ETH into the OKX exchange, has withdrawn more than twice that amount. Currently holding 59,718 $ETH in his on-chain wallet, his assets are worth approximately $210 million. The current price of $ETH is $3,548.02.

*This is not investment advice.