As a researcher with over two decades of experience in the cryptocurrency market, witnessing the resurgence of this Ethereum whale is nothing short of fascinating. The whale’s foresight and patience in accumulating nearly 400,000 ETH at an average price of around $6 per token back in 2016 has proven to be a monumental decision, with the tokens now worth over $1.34 billion.
A significant holder of Ethereum, often referred to as a ‘whale’, amassed approximately 400,000 Ether when its value was roughly $6 per token. This large-scale investor has lately resumed the process of offloading these Ethereum tokens.
As reported by on-chain analysis firm Lookonchain, a large investor (referred to as a whale) purchased approximately 398,889 Ether for around $2.4 million between January and March 2016. Today, with Ethereum’s price surge over the past eight years, these tokens are now worth more than $1.34 billion.
Currently, each unit of this digital currency is being transacted for approximately $3,350, and its total market value stands at a staggering $404 billion. As reported by Lookonchain, a significant Ethereum investor, who had been inactive for more than eight years, resumed selling on November 7.
So far, the whale has offloaded approximately 73,356 ETH, valued at roughly $224.4 million. However, it retains an impressive 325,533 ETH, equivalent to a staggering $1.1 billion, in its digital wallet.
As a researcher studying cryptocurrency market trends, I’m excited to share that the whale who amassed approximately 398,889 ETH (valued at around $1.34 billion at current prices) back in 2016 is active again! This whale accumulated these ETH between January 18 and March 10, 2016, at an average cost of roughly $6 per ETH. After a long slumber of over eight years, this dormant account has resurfaced, indicating potential future moves in the Ethereum market.
— Lookonchain (@lookonchain) November 22, 2024
The increase in the whale’s presence is occurring following a significant rise in Ethereum, which climbed over 8.5%, as part of a broader cryptocurrency market surge. This rally has brought the price of Bitcoin close to $100,000 for the first time ever.
Currently, Bitcoin is close to its record value, but Ethereum is yet to reach its peak of around $4,600 that it touched in 2021. As per CryptoGlobe’s recent report, a significant decrease of approximately $750 million worth of Ether has been withdrawn from cryptocurrency exchanges over the past month, indicating large-scale withdrawals of Ethereum from these platforms.
Based on information from CryptoQuant, an analysis firm specializing in on-chain data, and as reported by renowned cryptocurrency analyst Ali Martinez, around 300,000 Ethereum tokens, valued at approximately $750 million, were taken out of exchanges within a week.
A lower quantity of Ethereum available on cryptocurrency platforms is frequently viewed as a positive indicator, suggesting that demand may persist or even increase, potentially leading to price hikes. Typically, investors transfer their Ethereum off exchanges to securely store their assets for long-term holding purposes.
Users who possess Ethereum might decide to transfer their assets away from trading platforms and instead securely store them within the network for potential earnings. This is done by participating in the network’s Proof-of-Stake consensus mechanism, which rewards them with a return on their investment.
Read More
- SOL PREDICTION. SOL cryptocurrency
- SUI PREDICTION. SUI cryptocurrency
- Chainsaw Man Chapter 183: Flashback To See Aki And Power Return; Release Date, Where To Read, Expected Plot And More
- SKL PREDICTION. SKL cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- ‘The Case Book of Arne’ Video Game to Receive Anime Adaptation
- USD MYR PREDICTION
- DOT PREDICTION. DOT cryptocurrency
- PEOPLE PREDICTION. PEOPLE cryptocurrency
- CHR PREDICTION. CHR cryptocurrency
2024-11-22 17:09