A wallet address that received 114,500 ETH worth $358 million from bankrupt crypto lender Genesis has resumed sales, dumping 40,000 ETH in two days.

After six months of steadfastly holding on to its stash, an Ethereum whale wallet has resumed dumping the asset. According to data from Arkham, the address sold 40,000 ETH worth $89 million in two days amid a broader market downturn.

Largest Ethereum Receiver from Genesis

Analysis shows that the wallet address “0x999E” received the largest Ethereum compensation from crypto lender Genesis Global during its restructuring proceedings last year. For context, the crypto firm, which filed for Chapter 11 bankruptcy in January 2023, recompensed creditors with digital assets worth $4 billion last August.

Although the lending firm pledged to distribute 65.87% of the holder’s Ethereum stash prior to bankruptcy, the market price increase compensated for the slash. Meanwhile, the whale address in question received 114,500 ETH ($358 million).

After holding for six months, the whale started liquidating at a reduced price. For perspective, the address received the tokens while the asset’s price was at $3,128. However, Ether’s over 30% downtrend since then has ensured the wallet’s value has reduced by $110 million.

Whale Dumps at Loss

Arkham shows that the address sent 40,000 ETH to Galaxy Digital and FalconX in the past two days, each receiving 30,000 and 10,000 ETH, respectively.

Meanwhile, the address has received Circle’s USDC from the two over-the-counter (OTC) platforms in the past two days, confirming the sales. Galaxy Digital transferred 20 million USDC to the wallet yesterday, while FalconX shifted 19.49 million USDC a day earlier.

Following the Ether liquidation, enthusiasts have expressed skepticism over the market sentiment shift and the wallet’s future activities. For instance, users asked if the wallet would continue to dump the asset or if it was a one-off sale.

Notably, the address still holds 100,252 ETH worth $218 million, which accounts for over 84% of its entire crypto stash.

Ethereum Rebounds

Meanwhile, Ethereum has shown signs of life today amid a broader market rebound. Yesterday, the asset dropped below $2,000 for the first time since November 2023 but bounced from the area to close at $2,170.

The momentum spilled over to today, with the asset up 1.2% to trade at $2,200. With its current market cap of $265 billion, Ethereum remains the second-largest cryptocurrency.