A veteran Ethereum investor who purchased ETH at just $8 in 2016 has finally capitulated, selling the majority of their holdings as the market faced severe turbulence this week.

On-chain data reveals a pattern that might send chills down the spine of current Ethereum holders – this isn’t the first time this particular investor has sold during market downturns.

The long-term holder swapped 14,015 ETH for $22 million USDC over just 15 hours on Uniswap as Ethereum plummeted to $1,412, its lowest point in two years. What makes this move particularly noteworthy is the investor’s history of selling during previous market slumps, having offloaded 6,630 ETH in May 2022 and 4,035 ETH in June 2023 – both during significant market corrections.

Crypto OG Wallet Transaction on Etherscan

This latest sale comes after ETH tumbled from its December cycle high of $4,000. Despite the substantial sell-off, the investor has maintained a position of 521 ETH, currently valued at approximately $830,000.

The broader market showed signs of recovery on Thursday, with ETH bouncing back to $1,598, representing an 8.2% increase over 24 hours. Trading volume also surged by 25% to $33 billion, as market sentiment improved following U.S. President Donald Trump’s announcement of a 90-day pause on tariffs.

In what might be an unrelated incident, another wallet was observed selling 7,974 ETH ($11.8 million) at $1,479 later on Thursday. This second wallet still holds ETH worth approximately $40 million, and there’s no clear connection between the two selling events.

Despite Thursday’s recovery, ETH remains down 11% from Wednesday’s high of $1,689, highlighting the ongoing volatility in the cryptocurrency market.

The actions of early investors, especially those who entered at prices below $10, continue to be closely monitored by market participants as potential indicators of long-term confidence in the Ethereum ecosystem.