Based on data from cryptanalysis firm Lookonchain, there is a significant Ethereum investor who bought a large quantity of ETH near the market bottom in September 2022 has transferred 5,000 ETH to the well-known crypto exchange Kraken.
In September 2022, when Ethereum network shifted to proof-of-stake consensus, a large investor seized the chance to acquire ETH at supposedly low price. The Ethereum cost was approximately $1,567 per ETH, which amounted to around $151.42 million for this significant purchase.
Based on Lookonchain’s data, a large Ethereum holder withdrew approximately 96,638 ETH, equivalent to around $151.42 million at the time, from Coinbase between September 3 and September 7, 2022, when each ETH was priced at roughly $1,567.
Presently, let’s go back to that same whale from before. It appears this whale has moved 5,000 ETH to Kraken for possible selling, aiming to make a profit. Generally speaking, when large investors (whales) transfer their tokens to cryptocurrency exchanges, it often indicates an upcoming sale. On the other hand, taking their tokens out of an exchange usually means they plan on purchasing more.
When the investor made their Ethereum deposit, the cryptocurrency’s price had increased, suggesting a substantial gain for the investor. The whale now holds 76,638 ETH, equivalent to around $233.56 million, with an overall profit exceeding $153.7 million from this investment.
A whale’s move suggests that aligning actions with ideal market conditions and sentiment can yield substantial profits. However, misjudging the moment could result in considerable losses, as experienced by another ETH whale who suffered losses due to a dip in ETH’s price.
During the initial days of the week, Ethereum experienced a significant decrease in demand after hitting a peak of $3,281 on April 15. This downward trend continued for two straight days before Ethereum showed some signs of recovery. Currently, Ethereum is showing a slight increase of 0.43% over the past 24 hours and is priced at $3,058.
According to recent news, a large Ethereum (ETH) investor disposed of their 10,701 ETH hoard, which was valued at around $33 million at the time of sale. Unfortunately for them, they incurred over $4 million in losses on this transaction – marking the second significant loss they’ve experienced after buying ETH. Previously, they had lost nearly half a million dollars during another such transaction.
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2024-04-17 16:38