Veteran Crypto Investor Raises 4.49M DAI Selling 2,720 WETH

Key Points:

• Early buyer 0x562, the “giant whale,” sells 2,720 WETH at $1,651/token in 2 days. Earns 4.49M DAI, locks it in MakerDAO for 5% interest.
• 0x562 has been quiet for 8 years after accumulating 3,491 ETH ($3.7M) since 2015 transfer from ShapeShift and Poloniex.
• Key movements include selling 400 ETH ($432K) in 2016 and converting 2,720 ETH to WETH daily from Jan 20, 2023.

Crypto address has executed a series of strategic maneuvers over the past two days, capitalizing on its substantial holdings.

Reports indicate that this giant whale, known for its significant accumulation of Ethereum, recently made a substantial sale of 2,720 Wrapped Ether (WETH). The average selling price was calculated to be around $1,651, resulting in a substantial haul of 4.49 million DAI stablecoins. However, the intrigue doesn’t stop there.

Rather than simply pocketing the newfound DAI, the whale made a savvy financial move by funneling the proceeds into MakerDAO. By doing so, it’s now positioned to earn a 5% interest on its DAI holdings, a move that showcases its commitment to optimizing its profits.

What makes this whale’s actions even more remarkable is its history. The address, which has the distinctive prefix of 0x562, has remained relatively dormant in terms of major fund movements for a staggering eight years. This lengthy period of inactivity raises questions about its intentions and motives, particularly as the cryptocurrency landscape has experienced substantial fluctuations and developments during this time.

The backstory reveals that the 0x562 address originally came into existence through transfers from ShapeShift and Poloneix between August 18, 2015, and September 12 of the same year. The cumulative result was the acquisition of 3,491 ETH, purchased at an average price of $1,058, amounting to a total value of $3.7 million.

Notable fund movements include a transfer of 400 ETH (equivalent to $432,000 at the time) to an address starting with 0xa414 on February 10, 2016, for the purpose of sale. More recently, on January 20, 2023, the whale began converting substantial portions of its ETH holdings into WETH on a daily basis.

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