Dormant Ethereum Whale Returned With Donald Trump’s Win Making $30M

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As a seasoned crypto investor with a decade of experience under my belt, I must say that the recent events in the market have been nothing short of exhilarating. The return of dormant Ethereum whales, fueled by Trump’s victory and Bitcoin’s ATH, has certainly added an extra layer of excitement to our usual trading routine.

On November 6, one significant occurrence took place within the cryptocurrency sector: Donald Trump was elected as the 47th President of the nation, according to the election results. Consequently, the crypto trading market has experienced a surge, prompting numerous dormant Ethereum investors, or “whales,” to re-enter the market and capitalize on the rising Ethereum (ETH) price trend.

Over the past 24 hours, I’ve observed a substantial growth in the crypto market, propelling global market capitalization by approximately 9%, now standing at an impressive $2.43 trillion. Notably, traders’ optimism has resurfaced, driving trading volume up to a staggering $180 billion. This upward trend is largely attributed to Bitcoin reaching a new All-Time High (ATH) of $76,460.15 mere hours ago.

Dormant Ethereum Whale Made $30M With Crypto Trading

1) In the past 24 hours, the price of ETH has increased by 11%, drawing in every crypto trader and even a long-dormant Ethereum whale. According to a post on Lookonchain, this whale has awoken after eight years and swiftly sold 11,005 ETH for a staggering $30.56 million, given the current price of Ethereum at $2,777. Yet, this isn’t the only instance of an ETH whale selling their tokens during the market surge. Another one offloaded $65.63 million to Kraken, causing concern among some due to the impact that crypto whales can have on market sentiment by creating a bearish trend.

As an analyst, I find it surprising to note that despite recent sell-offs, the token’s price has been on an uptrend, currently standing at approximately $2.8k. This surge has propelled its market capitalization to a staggering $336B and trading volume to $38B daily. The impressive rebound is particularly noteworthy, given its previous consistent decline.

According to a recent post on Lookonchain, it was discovered that a large Ethereum investor, or ‘whale’, amassed a significant amount of Ether tokens back in 2016 when each token cost only $3.46. Since then, the price has skyrocketed over 800 times, generating substantial profits for these crypto traders. Yet, had this whale waited just a bit longer, it could have earned even greater returns.

Over the past two hours, an inactive whale who hadn’t traded for eight years has suddenly moved, selling 11,005 ETH (approximately $30.56 million) when the price was around $2,777!

This whale accumulated 11,005 $ETH($38K at the time) from #ShapeShift at $3.46 per ETH in 2016.

The profit? $30.52M — an 802x return!

— Lookonchain (@lookonchain) November 7, 2024

Through this demonstration, a previously inactive Ethereum investor has proven an effective approach to cryptocurrency trading – patiently holding onto investments for substantial returns and avoiding hasty decisions, regardless of short-term price fluctuations. This strategy is advantageous because selling in a panic can mean missing out on larger potential gains. A vivid illustration of this predicament is the case of a crypto trader who lost approximately $454,000 within 40 minutes due to panicked selling after observing a decline in their cryptocurrency token’s value.

What Is Coming Next For Ethereum Price Now?

Following Donald Trump’s victory in the U.S. election, crypto experts predict that Bitcoin could reach $90,000 or more, potentially causing other cryptocurrencies like Ethereum to hit new record highs as well. Given the robust demand for Ethereum and these price predictions, some trading analysts are optimistic about a new all-time high (ATH) for ETH. However, due to its recent prolonged consolidation period, there are concerns about its future performance. This could be one reason why large Ethereum investors, who had been inactive or “dormant,” chose to sell off their holdings early.

Ali, a cryptocurrency expert, has expressed his thoughts on the potential growth of ETH (Ethereum). Based on his analysis, ETH has been performing exceptionally well and is following the trend he previously forecasted – aiming for new record highs. He believes the risk-to-reward ratio for holding a long position in this token is highly attractive. Many other investors share this viewpoint because Ethereum is widely popular and has shown significant growth in the past. Furthermore, the launch of Ethereum ETFs has boosted expectations even more.

So far, so good: #Ethereum $ETH

— Ali (@ali_charts) November 7, 2024

As I wrap up, let me share that I’ve set my stop loss at $1,880 and I’m optimistic about reaching a target of $6K for ETH. It remains to be seen if this digital token will meet our cryptocurrency trading aspirations by continuing its impressive trajectory.

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2024-11-07 10:36