A large Ethereum whale sold all of its 52,001 ETH holdings and realised about $24.5 million in profit. It deployed about $112.4 million in total buying funds and locked in gains by pushing up its average selling price. By contrast, another large investor sold bitcoin and bought a large amount of Ethereum, showing diverging strategies among whales.

U.Today, a blockchain media outlet, reported on Oct. 14 that on-chain analytics platform Lookonchain tallied that wallet address 0x8c58, classified as an over-the-counter investor, sold its final remaining 9,996 ETH.

The transaction was the last sale in the whale’s step-by-step liquidation of its Ethereum holdings. The wallet sold 9,996 ETH worth about $25 million and exited its Ethereum position entirely.

Lookonchain said the investor deployed about $112.4 million to build the full position. The initial average purchase price was about $2,162 per ETH, and the average selling price for the full amount was estimated at about $2,632. The final realised profit calculated on that basis was about $24.48 million.

The whale had previously carried out a large sale on Sept. 24. It sold 42,005 ETH for about $111.89 million and left 9,996 ETH, then liquidated the remainder in this transaction. Rather than selling the entire holding at once, it sold in several rounds to lock in gains.

Large investors’ moves in Ethereum did not appear as a one-way selling trend. While some whales were unwinding holdings, another investor reduced bitcoin exposure and bought Ethereum aggressively.

Lookonchain reported on Oct. 12 that a large investor bought Ethereum using funds from selling bitcoin. The wallet first sold 410.14 BTC to secure about $34.16 million, then bought 14,341 ETH for about $36.14 million on a decentralised exchange.

It later sold an additional 229 bitcoin and bought 7,469.8 more Ethereum. Unlike the investor who exited an Ethereum position, the other whale opted for a strategy of reducing bitcoin exposure while increasing its Ethereum weighting.

As a result, large investors are split in their view of Ethereum. Some are locking in gains by taking advantage of price rises in existing holdings, while others are shifting funds from bitcoin to Ethereum and betting on further upside.

Despite consecutive buying and selling by large investors, Ethereum’s price showed relatively limited movement. Ether traded at $2,507.47, up 0.7 percent over the past 24 hours, based on CoinGecko data.

It is difficult to conclude the direction of the overall market from one whale’s large sale alone. With buying by other large investors also detected, it is too early to generalise individual wallet transactions as broader market selling or buying pressure.

In the Ethereum market, whether large wallets release additional supply and whether funds continue to shift from bitcoin to Ethereum are expected to be key variables. With whales moving in opposite directions, attention is on which trading strategy the actual price trend will respond to more strongly.