In a significant development within the cryptocurrency market, an Ethereum (ETH) whale, inactive for nearly a decade, has resurfaced and initiated a substantial sell-off, reaping over $1.3 billion in profits. This investor initially placed a $2.4 million investment in Ethereum back in 2016, achieving an impressive 558-fold return by November 2024.
Whale’s Strategic Accumulation and Recent Activity
According to a report by Lookonchain, this whale strategically obtained 398,889 ETH at an average cost of approximately $6 per token, totaling an investment of $2.4 million. These acquisitions occurred between January 18 and March 20, 2016, and were distributed across 28 separate Ethereum addresses.
On November 7, the whale began to activate some of these addresses, resulting in the sale of 73,356 ETH for a total of $224 million. At the time of reporting, the investor still retains 325,533 ETH, valued at $1.09 billion, with Ethereum trading at $3,368.
Significant Activity Among Ethereum Whales
Amid predictions of what some analysts are calling “the greatest crypto bull run ever,” affluent investors in Ethereum, the second-largest cryptocurrency by market capitalization, are engaging in notable buying and selling activities.
In addition to the reawakened whale with a portfolio worth over $1 billion, Lookonchain has identified two other Ethereum whales making significant moves. For instance, a wallet potentially linked to JRNY Crypto exchanged $2.33 million worth of Apecoin (APE) for Ethereum. This transaction involved the address 0xc467150582cfC8EeC4132A483C76101D3636f598 trading 2.02 million APE for 692 ETH, indicating a bearish outlook on Apecoin and a bullish stance on Ethereum.
Contrastingly, another Ethereum whale withdrew $6.06 million worth of ETH to invest in the memecoin $Mog. While demonstrating confidence in the Ethereum ecosystem, this investor suggests that Mog may outperform ETH in the short term.
Ethereum (ETH) Price Analysis
Interestingly, Ethereum’s price has declined by 2% over the past 24 hours, following Bitcoin’s (BTC) failure to surpass the $100,000 psychological resistance. Currently trading at $3,290, Ethereum continues to exhibit strong momentum on the daily chart.
The daily relative strength index (RSI) registers at 62.80, with the price remaining above the 50-day exponential moving average of $2,835. Ethereum’s enduring appeal as a leading utility altcoin continues to captivate major institutional investors, including BlackRock (NYSE: BLK). Enthusiasts eagerly await further developments in 2025 that may impact the cryptocurrency’s trajectory.
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