• 16 July, 2024
Market News

Dormant Ethereum Whale Awakens: Deposits 5,000 ETH to Coinbase

Recent activities in the Ethereum market have highlighted significant whale movements, drawing attention to the dynamics of cryptocurrency trading. A notable Ethereum whale, dormant for nearly three years, has re-emerged, depositing 5,000 ETH, valued at approximately $11.3 million, into Coinbase. As per the analytics platform Lookonchain, this whale, who initially received ETH from Bitfinex in 2017 when the price was around $60, still holds a substantial amount of 20,398 ETH, estimated to be worth $45.88 million.

Meanwhile, in a separate development, Whale Alert reported a transfer of 15,839 ETH, equivalent to $35.8 million, from an unknown wallet to Binance. The rise in ethereum whale activities has been noted for quite some time. 

Last week, another dormant Ethereum whale had resurfaced, capitalizing on the substantial appreciation of their holdings. This whale, who acquired over 47,260 ETH between June and August 2017 at an average price of $240 per token, deposited 39,260 ETH, worth $87.5 million, to Kraken. The original acquisition value of these assets was around $11.34 million, indicating a potential net profit of $78 million, a gain of approximately 670%.

These whale activities coincide with a growing trend of institutional investment in Ethereum. Analytics firm CryptoQuant has observed an increase in Ethereum holdings by institutional investors, signaling confidence in the cryptocurrency’s long-term value. This trend is not only influenced by current market conditions but also by the potential of Ethereum, especially with the upcoming implementation of Ethereum 2.0 and other technological enhancements.

As per a previous report, the Ethereum market’s dynamics have been further influenced by the strategic actions of a ‘smart whale.’ This investor, known for their adept trading skills, recently transferred $55 million in USDT to Binance, presumably to purchase ETH. Their trading pattern, characterized by strategic entries and exits in the market, has resulted in a win rate of 87.5% and a total profit exceeding $13 million.

Following the flurry of whale activity, the price of Ethereum has risen slightly. At the time of writing, Ethereum’s price analysis showed a hike of 4.4% in the last 24 hours, trading at $2,267. Ethereum also maintained a strong market capitalization of $272.526 billion, reinforcing its position as the second-largest cryptocurrency by market cap.

Shiba Inu Sparks Excitement with Supply Decline: Potential Bull Run Ahead Read Previous

Shiba Inu Sparks Excitement with Supply Decline: Potential Bull Run Ahead

Octaloop Hosts Metamorphosis in Bangalore Igniting Crypto Enthusiasm Read Next

Octaloop Hosts Metamorphosis in Bangalore Igniting Crypto Enthusiasm