Recent blockchain analysis reveals an ancient Bitcoin whale’s Ethereum holdings soared to $120 million in unrealized gains within days, underscoring heightened profits alongside recent widespread crypto market sell-offs.
Blockchain analyst Ai Yi reported on August 23 that an ancient Bitcoin whale who shifted to Ethereum after seven years has reached $120 million in unrealized gains in just four days. The whale’s spot holdings of 105,599 ETH generated $50.03 million in profit at an average cost of $4,284. Additionally, $650 million in cumulative long ETH contracts produced $69.99 million in profit across five addresses holding 135,265 ETH. This comes amid significant profit-taking reported in mid-August, when Bitcoin, Ethereum, and Solana all recorded their largest realized gains of the current cycle.