Ethereum Whale With Over $60 Million In Unrealized Profits Moves Coins To Exchange
December 07 2023 - 3:00PM
NEWSBTC
A dormant Ethereum whale has resurfaced, moving their 39,260 ETH
worth approximately $87.5 million. According to data from
Lookonchain, this Ethereum whale with almost $90 million in ETH
recently woke up and decided to move its mountain of digital assets
to an exchange. Although it is unclear the motive behind this
transfer, it appears to be to take profit on a 670% gain over the
past five years. Ethereum Whale Moves 39,260 ETH To Crypto
Exchange The crypto market has had another flurry of price
increases in the past few days, with Coinmarketcap’s Fear &
Greed Index now pointing to an extreme greed of 81. Ethereum
hasn’t been left out of the price gains, and the crypto is
currently up by 11% in a 7-day timeframe. Related Reading:
Bitcoin Shakeout Drives $190 Million In Losses For Over 81,000
Traders Amidst the price gain, a social media post by on-chain
analysis tracker Lookonchain shows that a whale recently deposited
39,260 ETH worth $87.5 million to the crypto exchange Kraken.
Further details from on-chain data show that the coins were
acquired around June to August 2017. During this period, the
whale address received 47,260 ETH acquired at an average price of
$240 and worth $11.34 million in total at the time. However, the
account has remained largely inactive since then, sitting on
unrealized profit as Ethereum continued to grow in price. But now,
the coins have made their way into Kraken. The massive
transfer of funds from a whale’s wallet to an exchange typically
signals them cashing out some or all of their holdings. In this
particular case, the whale would make a profit of approximately $78
million if they decided to sell all their holdings on the
exchange. An early $ETH whale appears to be selling ETH again
after being dormant for 5 years. The whale deposited all 39,260
$ETH($87.5M) to #Kraken 30 mins ago. The whale received 47,260
$ETH($11.34M) at ~$240 from June to August 2017. If sold the whale
would make a profit of ~$78M. pic.twitter.com/v0PI4LNTKO —
Lookonchain (@lookonchain) December 5, 2023 ETH price succumbs to
sell pressure | Source: ETHUSD on Tradingview.com Trend Of ETH
Profit Taking Increasing? A massive transfer of funds naturally
leads to speculation within the crypto community, and there seems
to be an increasing trend of large ETH holders taking profits.
Other social media posts from Lookonchain over the past few days
have shown similar cases of large wallets sending their ETH to
exchanges. Related Reading: Bitcoin Pushes Into Extreme
Greed, What You Should Expect From Here For instance, a recent post
showed the movement of ETH in wallet addresses belonging to defunct
exchanges FTX and Celsius. FTX deposited 3,143 ETH worth $7.2
million on Coinbase, while Celsius sent 7,500 ETH worth $17.2
million to address “0xc450.” Galaxy Digital followed suit,
depositing 9,179 ETH worth $20.9 million to Binance. According to
Whale Alerts, 16,944 ETH worth $38.14 million also made its way to
Coinbase from a private wallet. 🚨 🚨 16,944 #ETH (38,148,363 USD)
transferred from unknown wallet to #Coinbasehttps://t.co/XJYadmioyi
— Whale Alert (@whale_alert) December 6, 2023 Even though Ethereum
briefly touched $2,300 yesterday, it would seem the recent transfer
to exchanges has had an effect on the price of ETH, as the crypto
is trading at $2,269 at the time of writing, down by 1.5%.
The crypto market remains largely unpredictable, but it would be
prudent to wait to see if the crypto approaches and rebounds at the
$2,200 resistance level. At the same time, a strong blast above
$2,300 could signal bulls are still in control. Featured image from
StormGain, chart from Tradingview.com
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