Ethereum’s recent ascent to $3,483 marks a significant milestone, bringing it within 39.5% of its all-time high of $4,859 recorded on November 10, 2021.
Today, the cryptocurrency registered a gain of over 4%, reflecting the bullish sentiment surrounding the digital asset.
🥳 #Bitcoin has now climbed as high as $64.1K before a mid-sized retracement down to $59.8K approximately 4 hours later. Today's high has now closed the gap to within 7.2% of $BTC's $68.7K #AllTimeHigh established on November 10, 2021.
Meanwhile, #Ethereum has reached as high as… pic.twitter.com/beX1yhCn6S
— Santiment (@santimentfeed) February 28, 2024
Onchain insights shed light on the profitability of Ethereum whales amidst ongoing accumulation. Recent data from intotheblock reveals that an impressive 89% of Ethereum holders are currently in profit, underscoring the widespread gains experienced by investors.
Bitcoin's recent surge puts 97% of its holders in profit, outshining the broader crypto market. But how do other assets stack up?
Optimism & Ethereum show robust numbers with 91% & 89% in profit, respectively, while Dogecoin's loyal community isn't far behind.Yet, some alts… pic.twitter.com/eqAUgNkZJ6
— IntoTheBlock (@intotheblock) February 28, 2024
Spotonchain’s onchain data unveils the substantial unrealized profits of a prominent Ethereum whale, identified as 0x7a9. The whale strategically acquired 173,859 $ETH through Binance and 1inch, amassing a staggering $496 million worth of Ethereum between February 9 and 24.Â
The unrealized profit from $ETH for the gigantic whale 0x7a9 has exceeded $100M!
The whale purchased 173,859 $ETH via #Binance and #1inch at ~$2,853 ($496M) from Feb 9 to 24.
With the $ETH price soaring by 41.5% (20D), the whale's $ETH value has risen to $601M (+$105M).
What… https://t.co/RMK4QUrmyk pic.twitter.com/Q1kiArq6Q7
— Spot On Chain (@spotonchain) February 29, 2024
Ethereum Whales Record Massive Percentage Profits
With Ethereum’s price surging by 41.5% over the past 20 days, the whale’s holdings have ballooned to a value of $601 million, yielding an impressive $105 million in unrealized gains.
Further on-chain analysis conducted by Lookonchain highlights significant activity from a wallet associated with the Ethereum Foundation.Â
A wallet related to the #Ethereum Foundation deposited 4,000 $ETH($13.3M) to #Kraken after the $ETH price exceeded $3,300 today.
The last time this wallet deposited $ETH to #Kraken was on Jan 16, 2022, when the price of $ETH was ~$3,350.
This wallet received 39,006… pic.twitter.com/t2zs4qrEg7
— Lookonchain (@lookonchain) February 28, 2024
The wallet recently deposited 4,000 $ETH, valued at $13.3 million, to Kraken following Ethereum’s price surpassing the $3,300 mark.
Notably, this wallet received a substantial sum of 39,006 $ETH from EthDev previously and currently holds 33,006 $ETH, emphasizing its influential position within the Ethereum ecosystem.
Meanwhile, in a separate development, Justin Sun, a prominent figure in the crypto community, deposited 100 million $USDT to Binance once again.Â
In the past 2 hours, #JustinSun deposited 100M $USDT to #Binance again.
Will he buy $ETH again?
The suspected #JustinSun wallet bought 168,369 $ETH($580.5M) at $2,894 from Feb 12 to Feb 24, and the unrealized profit is ~$95M.https://t.co/7fKuIjoI2Fhttps://t.co/BJDVgfudIr pic.twitter.com/vJshrlMku3
— Lookonchain (@lookonchain) February 29, 2024
Speculation abounds regarding the intentions behind Sun’s move, particularly considering his recent acquisition of 168,369 $ETH valued at $580.5 million between February 12 and 24.
The unrealized profit from this acquisition stands at approximately $95 million, sparking speculation about potential further accumulation of Ethereum by the address.
As Ethereum continues its upward trajectory, the actions of whales and key players in the ecosystem provide valuable insights into the evolving dynamics of the market, fueling anticipation and speculation among investors and enthusiasts alike.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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