In the ever-dynamic world of cryptocurrency, notable whale activity has recently stirred the market. A giant whale, previously profiting $76.6 million from Ethereum (ETH), has returned to accumulate more tokens.
Just an hour ago, this whale withdrew 7,000 ETH, valued at $26.7 million, from Binance at a price of $3,814 per token.
Giant whale with a 76.6M profit from $ETH just returned to accumulate more tokens!
An hour ago, the whale withdrew 7K $ETH ($26.7M) from #Binance at $3,814.
Notably, the whale withdrew most $ETH during last year's bear market and then deposited $ETH to CEX whenever the price… pic.twitter.com/cjZCM793BV
— Spot On Chain (@spotonchain) June 3, 2024
Historically, this whale has demonstrated a shrewd trading strategy, often withdrawing significant amounts of ETH during bear markets and then depositing ETH to centralized exchanges (CEX) whenever the price rises. Currently, the whale holds an impressive 36,785 ETH, worth approximately $141 million, with an estimated total profit of $76.6 million, reflecting a 57.9% gain.
9,518 ETH Deposited Into Exchanges As Early Investors Seek To Take Profits
In parallel, two early participants of the Ethereum Initial Coin Offering (ICO) have made significant moves as well. Today, these participants deposited 9,518 ETH, equivalent to $36.33 million, into Kraken.
These participants originally received 200,000 ETH at Ethereum’s genesis, at the ICO price of around $0.31 per token. Their initial investment of $62,000 is now worth a staggering $767 million.
2 #Ethereum ICO participants deposited 9,518 $ETH($36.33M) into #Kraken today.
They received 200K $ETH(cost is $62K, currently worth $767M) at #Ethereum Genesis, the ETH ICO price is ~$0.31.https://t.co/MpZNj3UUdzhttps://t.co/cotXncC1s2https://t.co/BUVl4EfUkb… pic.twitter.com/9AK55Y4E8X
— Lookonchain (@lookonchain) June 3, 2024
This wave of large transactions highlights the strategic movements of early investors and whales in the cryptocurrency market. Their activities not only showcase the immense gains that can be realized over time but also indicate potential market trends based on their buying and selling patterns.
For traders and investors, observing such whale activities can provide valuable insights into market sentiments and potential price movements. As Ethereum continues to evolve, the actions of these major players will likely remain a significant factor influencing the broader market dynamics.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or using any services.
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