A sleeping 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 transfer his mountain of digital assets to an exchange.
Although the motive behind this move is unclear, it appears to be taking a 670% gain over the past five years.
Ethereum Whale Moves 39,260 ETH To Crypto Exchange
The crypto market has had a bullish trend in the last few days, with Coinmarketcap’s Fear & Greed Index now pointing to a very greedy 81. Ethereum has not been left behind in price gains, and the crypto is currently up 11% in the 7-day timeframe.
Amid the price increase, a social media post by on-chain analysis tracker Lookonchain showed that a whale recently deposited 39,260 ETH worth $87.5 million on crypto exchange Kraken. Additional 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 earned at an average price of $240 and was worth $11.34 million in total at that time. However, the account has remained inactive since then, sitting on unrealized profits as Ethereum continues to grow in price. But now, the coins have entered Kraken.
A large-scale transfer of funds from a whale’s wallet to an exchange usually prompts them to cash out some or all of their holdings. In this particular case, the whale could make a profit of approximately $78 million if they decide to sell all their assets on the exchange.
An early one $ETH The whale appears to be selling ETH again after being dormant for 5 years.
The whale received 47,260 $ETH($11.34M) at ~$240 from June to August 2017.
If sold the whale will make ~$78M. pic.twitter.com/v0PI4LNTKO
— Lookonchain (@lookonchain) December 5, 2023
ETH price succumbs to sell pressure | Source: ETHUSD on Tradingview.com
Is ETH’s Earnings Trend Up?
A large transfer of funds naturally leads to speculation within the crypto community, and there seems to be a growing trend of large ETHs 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.
For example, a new post appears the movement of ETH to wallet addresses belonging to the defunct FTX and Celsius exchanges. FTX deposited 3,143 ETH worth $7.2 million to Coinbase, while Celsius sent 7,500 ETH worth $17.2 million to respond to “0xc450.”
It was followed by Galaxy Digital, deposited 9,179 ETH worth $20.9 million on Binance. According to Whale Alerts, 16,944 ETH worth $38.14 million also made its way to Coinbase from a private wallet.
— Whale Alert (@whale_alert) December 6, 2023
Although Ethereum briefly touched $2,300 yesterday, it seems that recent moves on exchanges have had an impact on the price of ETH, as the crypto is trading at $2,269 at the time of writing, down 1.5%.
The crypto market remains unpredictable, but it is wise to wait to see if the crypto approaches and rebounds to the $2,200 resistance level. At the same time, a strong break above $2,300 could signal the bulls are still in control.
Featured image from StormGain, chart from Tradingview.com