Ethereum OG sells $188 million before crash and buys back cheaper

An experienced Ethereum trader shows how to use a market crash to your advantage. According to on-chain data from Lookonchain, this so-called Ethereum OG sold a huge position just before the recent crash, only to buy everything back cheaper afterwards. The result is a nearly perfect execution of the classic strategy: sell high and buy low.

Ethereum is available at OKX and Bybit.

Massive Sale Before the Crash

Before the market crash, the trader dumps a total of around $188 million in crypto. This consists of 60,000 Ethereum worth approximately $117.25 million and 9,442 wstETH worth around $24 million, all sold at an average price of $2.040 per ETH. On top of that, 600 WBTC is also sold for around $47.12 million, at an average price of $78.538 each.

The timing turns out to be almost perfect. The crypto market crashes sharply shortly afterwards, with the Bitcoin price dropping towards $62.000 and the Ethereum price falling below crucial levels. The trader is on the sidelines at that point with a large cash position.

Buying Back Cheaply After the Dip

After the crash, the trader strikes. He buys back 611 WBTC for around $38.68 million at an average price of $63.280. which is more than $15.000 per coin cheaper than the selling price. The Ethereum position is also restored: 60,088 ETH and 10,000 wstETH return to the portfolio for $95.3 million and $21.08 million respectively, at an average purchase price of $1.606 per ETH.

The difference between sale and repurchase is significant. On the ETH position alone, the price difference is more than $400 per coin. The current Ethereum price stands at $1.6K at the time of writing, a rise of 2.1% in the past 24 hours. Lookonchain aptly describes it as a perfect sell high, buy low. The fact that the trader timed such a large position so well makes him, according to the on-chain platform, one of the smartest traders of recent times.