You can also contact us by clicking here. Ethereum The whale, which has not been active for 3 years now, recently moved 38 million dollars worth of ETH when prices reached $3.800.
The on-chain analytics provider Spot On ChainThe whale address (0xd98) transferred about 10,000 ETH ($38.5m) to the cryptocurrency exchange Bitfinex just a few minutes ago.
This is the first transaction from this address on the chain since January 20, 2021 when the whale withdrawn 110,00 ETH at that time, which was worth about $153 millions.
Please read also: Cryptocurrency: Top 3 Cheap Coins To Buy For Massive Gains In March
0xd98’s wallet sat idle for more than 36 months between the last transfer and the recent withdrawal, during Ethereum’s rapid rise and bear market.
Ethereum Dormant Whales Return to Near Records Highs
It is interesting that 0xd98 decided to sell a small fraction of its ETH just when Ethereum returned to its pre-crash level in 2021. On 1st March, ETH briefly reclaimed the $3,900 mark for first time since 2021.
It is likely that whale took note of Ethereum resurgence. He may have even anticipated higher prices. The address may have made massive gains on the early accumulation of the balance, as the bulk was still in tact during its dormancy.
Please read also: Can Dogecoin (DOGE) Hit All-Time High in March 2024?
According to Spot On Chain, 0xd98 originally withdrawn 110,000 ETH coins for $1.386 each at the current price. This would amount to around $385M at today’s prices. Factoring in the recent 10,000 ETH transfer, the whale likely secured $270 million in profits—a 177% return amidst multi-year dormancy.
On-chain data cannot reveal the intent of a user, but this reawakening hints at the possibility that Ethereum will retest its highs.
ETH is currently trading at $3.856 after a surge from a 24 hour low price of $3.360.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: watcher.guru
