Wallet 0x8c58’s $112M ETH Move: Reported Profit, Remaining Holdings and Market Context

Wallet 0x8c58 sharply reduced its Ether position on September 24 as crypto prices fell. Reports describe approximately 42,000 ETH moving to Galaxy Digital for sale, but they differ in precision—and a reported transfer does not, by itself, establish the terms of a completed sale.71619

How much ETH moved, and what was left?

A wallet-tracking post put the reduction at 42,005 ETH, worth about $111.89 million, and the remaining balance at 9,996 ETH, worth about $26.67 million at the time. A separate report, citing Onchain Lens data, rounded the Galaxy Digital transfer to 42,000 ETH worth $111.88 million.167 Using the more precise reported figures, the wallet held approximately 52,001 ETH beforehand and reduced that balance by about 81%. It did not exit ETH entirely.16

TokenPost reported an estimated $21.12 million profit and described the tokens as having been sent to Galaxy Digital at an average price of $2,664.19 That profit should be read as a reported estimate, not independently verified settlement accounting: the separate transfer report says the ETH was sent for sale, without supplying a trade confirmation.7

Why the timing drew attention

The reduction came amid a broader crypto reversal. Bitcoin had recovered above $86,000 earlier in the week, according to a report on BitGo’s market analysis, but fell below $84,000 on September 24; Ether also declined.504853 At the same time, the U.S. 10-year Treasury yield was reported as reaching 5.15%, while one analyst put the odds of an October Federal Reserve rate increase above 70%. Those odds were a market expectation, not a Fed decision.4748

Leverage added to the market stress. One report estimated more than $545 million in crypto-position liquidations over 24 hours, including about $447 million in long positions.58 Another tracker reported $410.15 million in futures liquidations over three days—a different measure and time window, not an interchangeable total.46 Neither figure establishes that wallet 0x8c58 triggered the liquidations or the wider decline.

Do higher bond yields always hurt crypto?

In the short run, a jump in Treasury yields can make interest-bearing bonds more attractive relative to assets such as Bitcoin and can coincide with weaker appetite for risk. That is one explanation offered for the September 24 selloff, not proof that yields alone caused it.4753

The longer-term relationship is less clear. CoinDesk’s analysis found only a weak correlation between Bitcoin’s daily returns and changes in the 10-year Treasury yield: −0.18 over 90 days, closer to zero over longer windows.56 The wallet’s move is therefore best understood as a large reported position cut during a stressed market—not evidence that one transfer drove crypto prices or that rising yields dictate Bitcoin’s long-term direction.