Crypto News- A significant Ethereum (ETH) holder, lying dormant for an extended period, has suddenly sprung into action, transferring 10,000 ETH in a single transaction.
Massive Ethereum Whale Emerges From Slumber, Moves 10,000 ETH in a Single Transaction
The price of Ethereum experienced a sharp decline on March 5, plummeting to a low of $3,205 from a previous high of $3,829. Currently, Ethereum’s price is on the path of recovery, in tandem with the broader cryptocurrency market. Deposits of crypto assets onto exchanges typically indicate an intent to sell, while withdrawals may suggest a move towards purchasing.
As per data from Lookonchain, this whale had previously acquired 110,000 ETH from Bitfinex on Jan. 21, 2021, for a mere $1,386 (equivalent to $153 million at the time). Presently, the whale still holds 100,000 ETH valued at $385 million. The anticipated total profit from this ETH investment stands at $270 million (+177%). The substantial transfer of 10,000 ETH to Bitfinex, representing millions of dollars, has sparked considerable interest among traders, investors, and experts alike.
One of the initial concerns among market participants revolved around whether this transaction signaled a substantial shift in the whale’s investment strategy or hinted at a potential sell-off of the remaining holdings, which still amount to 100,000 ETH. Whales often execute transactions for various purposes, including portfolio rebalancing, profit-taking, or strategic maneuvers within the cryptocurrency landscape. However, the precise motive behind this significant move by the ETH whale remains elusive.
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