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Ethereum Whale banks $78 Million profit from $11 Million investment

Ethereum

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TL;DR

  • After five years, LookonChain predicts an Ethereum (ETH) whale could liquidate its holdings accumulated from June to August 2017.
  • LookonChain reports that the whale wallet sent 39,260 ETH, worth $87.5M, to Kraken. The whale had an initial $11.34M investment. The whale stands to make $78 million selling its stocks.
  • Crypto investors are grappling with the idea of a Bitcoin Bull trap. While that is happening, Ethereum continues to surge, presently trading at $2,370 ahead of the Dencun fork of the Goerli testnet in January 2024.

According to cryptocurrency research firm LookonChain, an Ethereum (ETH) whale may sell its assets after lying dormant for five years. From June to August 2017, the whale received 47,260 ETH, worth $11.34 million. The whale’s average cost per coin was roughly $240. Since 2017, the price of ETH has increased by roughly 838%.

According to LookonChain, on December 5, 2023, the whale wallet sent 39,260 ETH worth $87.5 million to the cryptocurrency market Kraken. If the whale sells its interests, it will make approximately $78 million.

Ethereum Whale incredible investment

An ETH Whale has made a transfer that stands to affect the Ether market. The transfer of assets to exchanges is bearish since it raises the likelihood of being sold. While taking profits, the whale may sell its ETH holdings. The wallet in question has already made a $78 million profit.

The whale’s assets were valued at roughly $230 million when ETH reached an all-time high of $4878.26 in November 2021. Analysts predict that the crypto sector will see a bull market in 2024. Next year, ETH and other assets, like Bitcoin, may reach new all-time highs. 

As a result, the whale’s holdings may appreciate in value over the next few months. As a result, the wallet may not sell its holdings quite yet.

Some analysts predict that ETH will reach $10,000 during the next bull run. In this case, the whale’s holdings may be valued at $472.6 million. It is improbable that the investor, or group of investors, would pass up an opportunity to make nearly $500 million.

It’s also possible that the wallet is merely reorganizing its assets and is retaining its ETH in a crypto exchange for the time being. The ETH could soon find its way back into a physical wallet.

ETH price hits 18-month high

ETH, the world’s second-largest crypto, is making very strong price shifts, reaching levels not seen in the previous 18 months. As of press time, the price of Ether is $2,370.62, with a 24-hour trading volume of $27,494,699,817.32. This reflects a 4.85% gain in the last 24 hours and a 13.30% increase in the last 7 days. 

Traders in the crypto market are currently fretting over a possible bull trap. Although Bitcoin’s momentum has temporarily stalled, the emphasis has shifted to Ethereum and other altcoins, which are witnessing major upward surges once again.

On-chain data reveals a distinction in behavior between non-exchange and exchange wallets. The top 150 non-exchange wallet addresses have a total Ethereum stockpile of 54.6 million ETH. On the other hand, exchange wallet holdings have fallen to a 5-year low of 9.3 million ETH.

According to on-chain statistics source Santiment, Ethereum has risen to $2,349, its highest level since June 2022. The hopeful combination of a long-term trend showing a rise in wealth for the top non-exchange whale wallets and decreased sell-off power for the top exchange whale wallets implies a favorable scenario for a prolonged ascension.

During the most recent ACDE meeting, developers stated that Ethereum is on pace to launch the Dencun fork of the Goerli testnet in January 2024, assuming all goes well. The majority of teams are ready to execute the testnet fork test, and preparations for a larger Goerli shadow network fork are in the works for the next weeks.

Through proto-danksharding, Dencun intends to increase data availability for layer-2 rollups greatly. This improvement is likely to result in lower transaction costs for rollups, which will benefit end users.

 Dencun’s overall impact includes increasing Ethereum’s scalability through rollups, optimizing gas prices, improving network security, and implementing numerous housekeeping upgrades.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

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