A dormant ethereum whale has resurfaced, moving its 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 his mountain of digital assets to an exchange.
Although the reason behind this transfer is unclear, it appears to be to make 670% gains over the last five years.
ethereum Whale Moves 39,260 eth to crypto Exchange
The cryptocurrency market has seen another wave of price increases in recent days, and Coinmarketcap's Fear and Greed Index is now pointing to an extreme greed of 81. ethereum-experts-predict-trillions-inflow-spot-etfs/” rel=”nofollow”>ethereum Not Left Out of Price Gainsand the cryptocurrency is currently up 11% in a 7-day period.
Amid the price rally, a social media post from on-chain analytics tracker Lookonchain shows that a whale recently deposited 39,260 eth worth $87.5 million on the Kraken crypto exchange. Further details of the on-chain data show that the coins were acquired between June and August 2017.
During this period, the whale address received 47,260 eth acquired at an average price of $240 and with a total value of $11.34 million at that time. However, the account has remained largely dormant since then, with unrealized gains as ethereum continued to rise in price. But now, the coins have reached Kraken.
The mass transfer of funds from a whale's wallet to an exchange usually indicates that they are withdrawing some or all of their holdings. In this particular case, the whale would make a profit of approximately $78 million if it decided to sell all of its holdings on the stock market.
One of the first $eth Whale appears to be selling eth again after being dormant for 5 years.
The whale deposited the 39,260 $eth($87.5 million) #kraken 30 minutes ago.
The whale received 47,260 $eth($11.34 million) to ~$240 from June to August 2017.
If sold, the whale would make a profit of ~$78 million. pic.twitter.com/v0PI4LNTKO
— Lookonchain (@lookonchain) December 5, 2023
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/12/Ethereum-whale-with-over-60-million-in-unrealized-profits-moves" alt="Tradingview.com ethereum Price Chart" width="2650" height="1530" loading="lazy"/>eth price succumbs to sell pressure | Source: ETHUSD on Tradingview.com
Rising eth Profit Taking Trend?
A massive transfer of funds naturally leads to speculation within the crypto community, and there appears to be a growing trend for large eth holders to make profits. Other Lookonchain posts on social media in recent days have shown similar cases of large wallets sending their eth to exchanges.
For example, a recent post showed the movement of eth into wallet addresses belonging to the defunct FTX and Celsius exchanges. FTX deposited 3,143 eth worth $7.2 million on Coinbase, while Celsius sent 7,500 eth worth $17.2 million to the address “0xc450.”
Galaxy Digital did the same, depositing 9,179 eth worth $20.9 million on Binance. According to Whale Alerts, 16,944 eth worth $38.14 million also arrived on Coinbase from a private wallet.
16,944 eth?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#eth (38,148,363 USD) transferred from an unknown wallet to #Coinbasehttps://t.co/XJYadmioyi
– Whale Alert (@whale_alert) December 6, 2023
Although ethereum briefly touched $2,300 yesterday, it would appear that 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 1.5%.
The cryptocurrency market crypto-intervention/” rel=”nofollow”>remains largely unpredictable, but it would be wise to wait to see if the cryptocurrency approaches and bounces off the $2,200 resistance level. At the same time, a strong breakout above $2,300 could signal the bulls are still in control.
Featured image of StormGain, chart from Tradingview.com
