Ether Holder Sells 12,468 ETH for $8.99 Million Profit, Moves Into Oil

An Ether (ETH) holder sold 12,468 tokens for about $29.52 million on Oct. 19, realizing an estimated $8.99 million profit before moving $20 million into crude oil trades on Hyperliquid.

The sale took place at an average price of $2,368 per ETH and returned about 29.52 million USDC. In early June, the same holder had used leverage to buy about $30 million in ETH at an average price of $1,647. The Oct. 19 sale price was $721 higher per token than that earlier purchase price.

After the sale, the holder transferred 20 million USDC to Hyperliquid and opened long positions in crude oil contracts labeled CL and BRENTOIL. Those positions had a combined value of about $22.4 million when the activity was observed, and the holder was continuing to add to them. That figure describes the size of the oil positions, rather than another realized gain.

The move puts proceeds from an ETH trade into positions tied to oil prices. A long position gains value when its underlying market rises and loses value when it falls.