CDS Crypto News Ethereum ICO Whale Gains 1,024,416% Profit from 48.5K ETH Deposit
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Ethereum ICO Whale Gains 1,024,416% Profit from 48.5K ETH Deposit

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Ethereum ICO Whale Gains 1,024,416% Profit from 48.5K ETH Deposit

Ethereum ICO Whale Earns 1,024,416% Profit on 48.5K ETH Deposit

Ethereum ICO Whale– Ether’s price is encountering significant turbulence in the third quarter, with new data highlighting the activity of an Ethereum initial coin offering (ICO) whale. This whale, which initially acquired 1 million ETH at $0.31 each, has been transferring substantial amounts to exchanges over the past month.

The launch of spot Ether (ETH) exchange-traded funds in the United States has not led to a positive price reaction. Instead, net inflows remain negative, largely due to withdrawals from the Grayscale Ethereum Trust.

Ethereum ICO Whale Gains 1,024,416% Profit from 48.5K ETH Deposit
etherscan.io

ICO Whale’s Massive Return on Investment

The Ethereum whale in question received 1 million ETH about 3,300 days ago at a price of $0.31 per token, according to Lookonchain. Recently, the whale has made 17 transactions, all deposits to the OKX exchange. The value of these deposits increased over time, with the last three totaling 5,000 ETH each. In total, the whale deposited 48,500 ETH, which is worth approximately $154 million at an average price of $3,176 per ETH. This results in an astonishing return on investment (ROI) of 1,024,416% from the original purchase price.

Currently, the whale’s wallet holds 15,600 ETH. If the selling spree continues, it could introduce an additional $41 million in potential sell pressure in the coming days.

Institutional Selling and Exchange Reserves

Ethereum ICO Whale Gains 1,024,416% Profit from 48.5K ETH Deposit
CryptoQuant

Block Tower Capital has also contributed to the selling pressure, liquidating 9,232 ETH worth around $25 million. Despite this, data from CryptoQuant shows a decrease in ETH reserves on exchanges, dropping from 17.1 million to 16.8 million in August. This decline was most pronounced between August 5 and August 13, coinciding with a price drop below $2,800, suggesting possible accumulation near the recent bottom. This decrease is part of a broader trend, with exchange reserves falling by 8.5% since January 1.

Ether’s Struggle at Key Price Levels

Ethereum ICO Whale Gains 1,024,416% Profit from 48.5K ETH Deposit
Trading view

Since the market downturn on August 5, Ethereum has outperformed many other altcoins. However, it has struggled over the past 12 hours to break above a critical level. On the four-hour chart, ETH/USD is nearing the end of an ascending triangle pattern. For a bullish continuation, Ether needs to close above the neckline at $2,750, which would increase the likelihood of a retest at $3,000. However, if ETH falls below $2,500, the $2,350–$2,200 range might serve as support.

Ethereum ICO Whale Gains 1,024,416% Profit from 48.5K ETH Deposit

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