Ethereum OG Sells $188M Before Crash and Buys Back ETH, wstETH and WBTC Lower

TLDR

• Ethereum OG exited $188 million across ETH, wstETH and WBTC before the reported crypto crash.
• The wallet repurchased larger ETH, wstETH and WBTC balances after prices fell across the market.
• Reported ETH-linked reentry occurred at $1,606, compared with an earlier average exit near $2,040 level.
• WBTC holdings rose from 600 to 611 coins after the wallet bought back lower prices.
• Lookonchain figures show reentry across all three assets rather than a move into cash alone.

An Ethereum OG reportedly sold approximately $188 million in ETH, wstETH and WBTC before a crypto market crash, then repurchased larger balances of the same assets after prices moved lower. According to figures attributed to Lookonchain, the wallet reduced exposure before the decline and later returned to spot positions in Ethereum, staked Ether and wrapped Bitcoin.

The wallet reportedly sold 60,000 ETH worth about $117.25 million and 9,442 wstETH worth about $24 million, with the combined ETH-linked exit priced at an average of $2,040. It also sold 600 WBTC for about $47.12 million at an average price of $78,538, bringing the reported pre-crash sale value across the three assets to about $188 million.

Pre-crash Sale Covered Three Major Crypto Assets

The sequence drew attention because the address did not make a partial sale in only one token, as the reported transactions covered ETH, wstETH and WBTC before the market downturn. 

The size of the sale also placed the activity among closely watched on-chain movements, particularly because the same wallet later returned to all three assets instead of remaining in cash.

After the crash, the wallet reportedly bought 611 WBTC worth about $38.68 million at an average price of $63,280. It also repurchased 60,088 ETH worth about $95.3 million and 10,000 wstETH worth about $21.08 million, with the ETH-linked reentry priced at an average of $1,606.

Buyback Left the Wallet With Higher Balances

The reported token counts show that the wallet came back with more of every asset it had sold before the decline. Its ETH balance increased by 88 coins, its wstETH balance rose by 558 tokens, and its WBTC position grew by 11 coins, based on the difference between the reported exit and reentry amounts.

On a coin-count basis, the reported activity indicates that the wallet did not simply protect dollar-denominated proceeds from the sale. The address exchanged earlier positions for lower-priced reentry and ended with larger holdings, which is the main detail separating the sequence from a basic profit-taking event during a market pullback.

The ETH-linked trade reflected a reported average sale price of $2,040 and a later average buyback price of $1,606, creating a spread of $434 per ETH-linked unit. Across a 60,000 ETH position, that price gap points to a lower cost basis on reentry while maintaining exposure to Ethereum-related assets.

Lower WBTC Reentry Reduced Repurchase Cost

The WBTC transaction followed the same direction, with the wallet selling 600 WBTC at a reported average of $78,538 and buying back 611 WBTC at $63,280. The repurchase value of about $38.68 million was below the earlier WBTC sale value of about $47.12 million, even though the later transaction added more coins.

The reported activity has become a market example of how large wallets can use spot transactions to reduce exposure before sharp price declines and restore exposure when prices fall. The available figures do not identify the trader’s broader strategy, but they show that the wallet rebuilt its ETH, wstETH and WBTC holdings at lower average prices after the crash.

Market participants often track such wallet activity because large spot flows can provide context around liquidity and positioning during volatile trading periods. The reported data remains limited to transaction amounts and average prices, so it does not establish the trader’s motive, risk controls, or future allocation plans, although it documents a lower-price reentry across all three assets after a large pre-crash sale.

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