According to Lookonchain data, an Ethereum OG has just sold nearly $17 million worth of ETH at nearly $1,600. Prior to this, the address had been dormant.

The address in question received its ETH when the altcoin was trading at just $8 back in 2016. 

Notably, the whale refrained from making massive profits when ETH was trading at nearly $4,000. The address in question tends to sell during major market corrections. 

It is unclear why the O.G. decided to capitulate now, but the decision might be motivated by overwhelming bearishness surrounding Ethereum.

On Apr. 9, Ether dropped to yet another multi-year low of 0.01855 BTC on the Binance exchange before seeing a slight relief rally. ETH/BTC is still down 45% this year after plunging by 34% and 25% in 2024 and 2023, respectively. 

As reported by U.Today, an ETF that delivers twice the opposite performance of the popular altcoin has surged by nearly 250% in 2025, according to Bloomberg data. This makes it the best-performing ETF of the year. In fact, another ETF that allows betting against Ether comes in second place. This underscores just how abysmal Ether's price performance is. 

On Tuesday, however, battered Ether bulls finally got their moment in the sun. The altcoin is currently trading at $1,621, recording a double-digit gain after the U.S. decided to pause tariffs for most countries and boosted risk-on assets. That said, it remains to be seen whether this rally will have legs given that the most recent spike is due to macro-driven momentum.