Ethereum OG Whale Exits After Massive ETH Sell-Off, Analysts Still See Long-Term Value

An early Ethereum investor has likely completed a full exit from their ETH holdings after on-chain data revealed the transfer of all remaining assets to a centralized exchange. According to blockchain analytics, the long-term Ethereum whale generated an estimated $274 million in profit, highlighting one of the most notable ETH exits in recent months.

Data shared by Lookonchain shows the investor originally accumulated 154,076 ETH at an average price of around $517. Since late last week, the wallet steadily transferred large amounts of ETH to Bitstamp, signaling a calculated sell-off rather than a sudden liquidation. Over the past few days alone, more than 40,000 ETH worth roughly $124 million was deposited, followed by the final transfer of 26,000 ETH valued at approximately $80 million. With Ethereum trading significantly higher than the investor’s entry price, the total gain is estimated at roughly 344%.

Further analysis from Arkham indicates this was a long-term, staged exit strategy. The wallet began testing liquidity nearly eight months ago with a small 137 ETH transfer, followed by larger deposits of 17,000 ETH three months ago and another 18,000 ETH about a month ago. The final transfers appear to confirm the complete unwinding of the position.

This Ethereum whale exit comes amid broader selling pressure from US-based institutional investors. The ETH Coinbase Premium Index remains deeply negative, suggesting Ethereum continues to trade at a discount on Coinbase compared to offshore exchanges like Binance. This trend points to ongoing risk-off sentiment among US institutions and has persisted into 2026.

Despite this pressure, many analysts remain optimistic about Ethereum’s long-term outlook. Market commentators argue ETH may be undervalued relative to the growing economic activity settling on the network. Transaction volume, on-chain usage, and fee generation on Ethereum have continued to rise, even as price performance has lagged.

Supporters note that Ethereum’s reliability, liquidity, regulatory clarity, and dominance in on-chain settlement continue to attract large investors. Historically, sustained network usage has made it difficult for ETH prices to remain stagnant for long. While short-term volatility and whale sell-offs add uncertainty, Ethereum’s expanding fundamentals continue to support a bullish long-term narrative.