As a seasoned researcher with a knack for deciphering market trends and a soft spot for cryptocurrencies, I find myself intrigued by this latest move by the Ethereum whale, known as “0x682.” With over a decade of experience in the financial markets under my belt, I’ve seen my fair share of whales making waves. However, this diamond-handed Ethereum whale seems to have a unique approach – one that suggests a keen understanding of the market dynamics and a knack for timing their moves.
Recently, a significant Ethereum investor, famously referred to as a “diamond hand,” made a surprising move by shifting 15,000 ETH worth over $38 million at present prices, to the prominent cryptocurrency exchange Kraken. This action has sparked intrigue throughout the crypto market.
The phrase “diamond hands” is used to describe crypto investors who choose not to sell their digital assets even when the market experiences ups and downs, demonstrating a firm conviction in the future value of what they hold. In this instance, a large Ethereum investor (often referred to as a ‘whale’ due to their substantial ETH holdings) caused a stir by moving a considerable amount of ETH, surprising the market.
Just moments ago, I observed, based on data from Lookonchain, that a significant Ethereum investor – often referred to as a ‘diamond-hand whale’ – deposited approximately 15,000 ETH, which translates to around $38.4 million, into Kraken.
According to Lookonchain’s analysis, it appears that the whale sold large amounts of ETH just prior to significant price drops. Specifically, they offloaded 10,000 ETH valued at approximately $34.2 million on July 25, which preceded a 7.6% price decrease, and followed this by selling another 15,000 ETH worth around $39.7 million on Aug. 20, just before a 2.5% price decline.
As a researcher, I’m currently tracking the digital assets held by a whale in my study. This particular whale has approximately 26,639 Ether (ETH) valued at around $69.7 million. The total profit generated from this ETH investment is estimated to be an impressive $132 million, translating to an astonishing 86% return on the initial ETH investment.
Ethereum price action
In the recently concluded week, Ethereum saw a significant surge. This upward trend can be attributed to the Federal Reserve’s decision to increase interest rates by 50 basis points on Wednesday, which was higher than the anticipated 25 basis point decrease.
Mentioning a notable rise, Ethereum, the second most valuable cryptocurrency in terms of market capitalization, experienced an uptick of more than 6.39% over the past week. Surprisingly, this growth occurred even as investors pulled funds from newly introduced Ethereum-based exchange-traded funds (ETFs).
Over the past five consecutive days, I’ve observed an upward trend in the value of Ethereum, which initially began its ascent last Tuesday. On Sunday, the digital currency peaked at a staggering $2,632, only to face some resistance at this level.
Currently, at the point of composition, Ethereum (ETH) has dropped by 0.02% over the past 24 hours to a value of $2,565. This minor dip appears to be due to some profit-taking following a significant surge in its price during the previous week within the broader crypto market.
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2024-09-22 19:02