Ethereum Whale, with over $60 million in unrealized profits, moves coins to exchanges.
A dormant Ethereum whale has reemerged and moved 39,260 ETH worth approximately $87.5 million. With nearly $90 million worth of ETH, according to data from Lookonchain, this Ethereum whale recently woke up and decided to move his mountain of digital assets to exchanges.
The motive for this transfer is unclear, but it appears to be an attempt to profit from the 670% profit over the past five years.
Ethereum Whale moves 39,260 ETH to cryptocurrency exchange
The cryptocurrency market has seen another price rally over the past few days. CoinMarketCap’s Fear and Greed Index currently shows extreme greed at 81. Ethereum has not been left out of the price rise, with the cryptocurrency currently up 11% in seven days.
Amid the price rise, a social media post from on-chain analytics tracker Lookonchain revealed that whales recently deposited 39,260 ETH, worth $87.5 million, on cryptocurrency exchange Kraken. Detailed on-chain data shows that the coins were acquired between June and August 2017.
During this period, whale addresses acquired 47,260 ETH, worth a total of $11.34 million, at an average price of $240 at the time. However, as the price of Ethereum continues to rise, this account has seen little activity since then and is sitting on unrealized profits. But now the coins have arrived. Kraken.
Large transfers of funds from a whale’s wallet to an exchange are usually a sign that they are cashing out some or all of their holdings. In this particular case, if the whale decides to sell all of its holdings on the exchange, it could make a profit of about $78 million.
Early $ETH The whale appears to be selling ETH again after being dormant for 5 years.
Whale deposited all 39,260. $ETH(USD 87.5 million) ~ #kraken 30 minutes ago.
Whale received 47,260 $ETH($11.34M), approximately $240 from June to August 2017.
Selling a whale could bring in about $78 million. pic.twitter.com/v0PI4LNTKO
— Lookonchain (@lookonchain) December 5, 2023
ETH price succumbs to sell pressure | Source: ETHUSD on Tradingview.com
ETH profit growth trend?
Large fund transfers naturally lead to speculation within the cryptocurrency community, and there appears to be a growing trend of large ETH holders benefiting. Other social media posts from Lookonchain over the past few days have shown similar instances of large wallets sending ETH to exchanges.
for example, Shown in recent posts Movement of ETH from wallet addresses belonging to defunct exchanges FTX and Chelsea. FTX deposited 3,143 ETH worth $7.2 million to Coinbase, and Celsius sent 7,500 ETH worth $17.2 million to the address “0xc450”.
Galaxy Digital followed suit., deposited 9,179 ETH worth $20.9 million on Binance. According to Whale Alerts, 16,944 ETH worth $38.14 million also flowed into Coinbase from personal wallets.
🚨 🚨 16,944 #ETH (38,148,363 USD) was transferred from an unknown wallet to: #Coinbasehttps://t.co/XJYadmioyi
— Whale Alert (@whale_alert) December 6, 2023
Despite Ethereum briefly reaching $2,300 yesterday, recent moves to exchanges appear to have had an impact on the price of ETH, as the cryptocurrency is trading down 1.5% to $2,269 at the time of writing.
cryptocurrency market Remains largely unpredictableHowever, it would be wise to wait and see if the cryptocurrency approaches the $2,200 resistance level and rebounds. At the same time, a strong burst above $2,300 could send a signal. The bull is still in control.
Featured image by StormGain, chart by Tradingview.com
