Major ETH Sell-off: Bitcoin Pioneer Erik Voorhees Liquidates $27.38M in Ether Holdings

Crypto asset tracker Lookonchain has flagged a significant transaction involving early Bitcoin evangelist and ShapeShift founder Erik Voorhees. On August 9, Voorhees unloaded 6,581 ETH at a price point of $4,161 per token, collectively valued at $27.38 million.

The Massive Position Being Trimmed

What makes this move particularly noteworthy is the scale of Voorhees’ original Ethereum holdings. Nine years prior, the Bitcoin evangelist received 14,945 ETH as compensation from ShapeShift—a transaction that valued his stake at merely $115,600 when ETH was trading around $7.74. In today’s market terms, that same original position would be worth approximately $62.68 million, showcasing the extraordinary appreciation of his early holdings.

Pattern of Recent Exits

This isn’t Voorhees’ first significant Ethereum offload in recent months. Back on December 6, 2024, the ShapeShift founder sold an even larger tranche of 7,807 ETH, receiving $4,005 per token for a total haul of $31.27 million. These consecutive exits suggest a deliberate strategy to de-risk his concentrated Ethereum exposure.

Remaining Exposure

Despite the recent liquidations, Voorhees maintains a residual position of 556.68 ETH, currently valued at approximately $2.33 million based on current market rates. This retained stake indicates he hasn’t entirely exited his Ethereum conviction, though the recent sales underscore a clear rebalancing of his digital asset allocation. The timing and scale of these transactions continue to draw attention from market observers tracking major whale activity in the ETH markets.