On November 7, following Ethereum’s price surge to $2,800, a whale holding 398,891 ETH (approximately $1.14 billion) began selling assets for the first time in eight years, as reported by analysts at Lookonchain.

A whale with 398,891 $ETH($1.14B) began selling today after being dormant for over 8 years!

In the past 6 hours, 13,400 $ETH($37.38M) has been sold at an average price of $2,790.

We identified 28 wallets that all started accumulating $ETH from #ShapeShift in January 2016, at an… pic.twitter.com/cy4C0EmuJh
— Lookonchain (@lookonchain) November 7, 2024

Meanwhile, analysts at OnchainLens noted that Ethereum co-founder Vitalik Buterin transferred 2.09 million STRK tokens, equivalent to $799,000, to the Binance exchange.

After the $ETH price rose, a whale dormant for 8 years sold 11,005 $ETH($30.56M) at $2,777 over the past 2 hours!

This whale accumulated 11,005 $ETH($38K at the time) from #ShapeShift at $3.46 per ETH in 2016.

The profit? $30.52M — an 802x return!https://t.co/f8CtLHvx2t pic.twitter.com/MKB15m19oR
— Lookonchain (@lookonchain) November 7, 2024

Buterin received these tokens over the past five months when their value was $1.51 million, resulting in an unrealized loss of $714,000. Additionally, he holds another 15,862 STRK worth about $6,000.

Just In: Vitalik (@VitalikButerin) has deposited 2.09M $STRK, worth $799K, into #Binance.#Vitalik received these tokens over the last 5 months when they were worth $1.51M, currently incurring a loss of $714K.

He still has 15,862 $STRK, worth $6K… pic.twitter.com/ha8gd50xVq
— Onchain Lens (@OnchainLens) November 6, 2024

It’s worth noting that, amid the U.S. elections, Bitcoin reached a new all-time high of $76,243.