A large crypto wallet has restructured its portfolio after recording a loss of nearly $18 million on Ethereum.
The address spent around $110 million to acquire 31,005 ETH in early November 2025 at an average price of $3,581.
As Ethereum prices fell, the position was unwound for roughly $92.19 million, locking in losses within two weeks
At current market levels, the same ETH holding would be valued at approximately $93.6 million.
On-chain data showed the sell-off marked a clear shift away from directional exposure to Ethereum.
The wallet rotated capital into lower-volatility assets, prioritising cash-like tokens and tokenised commodities.
An unknown whale, who lost $18.8M on ETH in just two weeks, has abandoned ETH and rotated into gold.
Lookonchain said.
The address spent about $14.58 million in USDT to acquire 3,299 XAUT tokens at an average price near $4,421.
Additional data showed a smaller XAUT purchase was made in mid-December before the larger allocation.
The wallet now holds roughly 3,386 XAUT valued at about $14.92 million.
The broader portfolio totals close to $91 million, with large balances held in USDT and USDC.
Analysts noted the allocation reflects capital preservation rather than renewed risk-taking.
Market performance in 2025 saw bitcoin and Ethereum decline, while gold and silver posted strong gains.
The shift highlights cautious sentiment among large investors despite forecasts of a crypto recovery in 2026.
At the time of reporting, Ethereum price was $3,152.58.