Early Ethereum investor sells $136 million worth of ETH and wstETH as market tests $2,000
May 31, 2026
An Ethereum pioneer has recently divested approximately $136 million in ether and wrapped staked-ether tokens, contributing to the downward pressure on ETH as it nears the $2,000 milestone. According to Lookonchain data, the individual in question offloaded 55,000 ETH valued at around $112.25 million and 9,442 wstETH valued at approximately $24 million over the course of the past week. The combined total of $136 million was sold at an average price of about $2,041 per ETH.
The wrapped staked ether tokens, which are a variant of ETH locked in the Lido staking protocol, were also part of the assets sold. The disposal of both liquid and staked components indicates a general reduction in the holder’s overall exposure, rather than just a specific portion. Given that the seller has been involved in Ether since its early days, it is reasonable to assume that significant profits were realized, especially considering that the price of ether was much lower in its initial years.
This significant sell-off aligns with a critical juncture for Ether. Just recently, it was reported by Bitcoin.com News that another wallet had shed 20,000 ETH for $41.18 million within an hour, coinciding with the emergence of the $2,000 level as a crucial support threshold. The breach of this level could catalyze a cascade of stop-loss orders and trigger further selling among holders whose acquisition cost exceeds $2,000. Moreover, this period of whale activity coincides with a series of institutional outflows from spot ether and bitcoin exchange-traded funds (ETFs), prolonging a trend of diminished demand and heightening sensitivity to substantial individual sellers.
Despite the prevailing downward pressure, not all entities are divesting their Ether holdings. In contrast, an on-chain whale has gathered 21,800 ETH equivalent to roughly $47 million—an indication of a split in market sentiment. Simultaneously, another address that initially sold $24.9 million in Ether later repurchased $17.5 million as market conditions stabilized.
This recent divestment by the Ethereum OG serves as a reminder that early supporters of the Ethereum network are prepared to capitalize on profitability during weaker market conditions. The trajectory from this point onward will likely depend on the balance between ETF outflows and the emergence of new buyers willing to absorb the excess supply.
