Crypto News

Ethereum Surges 3% As Whales Take Profits

Today, Ethereum (ETH), the world’s second-largest cryptocurrency, experienced a significant 3% gain, propelling it toward a potential rally beyond $3,500.

With a current market capitalization of $397.88 billion, Ethereum’s price stands at $3,315 at the time of writing.

This week, the Ethereum network is witnessing its highest ratio of profitable on-chain transfers since November, with a notable 2.3 to 1 ratio of coins moving at a profit compared to those at a loss. 

Similarly, Bitcoin also boasts a high ratio of 1.8 to 1, while Cardano stands out with more loss transactions than profitable ones.

According to insights from Santiment data, for every 2.3 ETH transfers, wallets are in profits, while Bitcoin transactions indicate a 1.8 ratio in favor of profitable wallets. Conversely, more ADA transfers are occurring at a loss compared to those at a profit.

Amidst Ethereum’s current price surge, several large whales have opted to take profits. 

An address previously involved in transferring 2,428 ETH from OKX at an average price of $2,235 on January 25, recently deposited 2,360 ETH to the exchange, sparking suspicions of selling. If all were sold, the profit could amount to $2.64 million, representing a staggering return rate of 50%.

Other Notable Ethereum Whale Movements To Monitor

Another whale, who initiated an ETH position three weeks ago, deposited 2,400 ETH into FalconX, valued at $8.02 million. This address had previously transferred 2,000 ETH at an average price of $2,487 on February 9, potentially realizing a profit of $1.71 million if all tokens are sold this time.

Additionally, in the past few hours, the address 0xf233…A021D purchased 15,011 ETH through the Galaxy Digital OTC address, worth $48.86 million at an average price of $3,255. Subsequently, all tokens were pledged into the Ethereum beacon chain.

As Ethereum continues its upward trajectory, the actions of these significant players provide insights into the current market dynamics and investor sentiment.

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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