tl;dr
A giant Ethereum whale has sold 15,000 ETH, earning a $40 million profit amid rising prices. The whale has been consistently moving its ETH to exchanges before significant price drops. Despite selling off large amounts, it still holds 41,639 ETH, estimated at a profit of $131 million. The same whale...
A giant Ethereum whale has sold 15,000 ETH, earning a $40 million profit amid rising prices. The whale has been consistently moving its ETH to exchanges before significant price drops. Despite selling off large amounts, it still holds 41,639 ETH, estimated at a profit of $131 million. The same whale previously purchased 96,639 ETH and later sold 55,000 ETH during the bull market. The Ethereum price faces selling pressure, with technical charts showing resistance at $2,600 levels. Additionally, the drop in gas fees has led to lower ETH burn and increased supply, negatively impacting price action. Outflows from the Ethereum ETF have continued for the fourth trading session in a row.
A giant Ethereum whale has continued with its profit-booking spree amid the current ETH price rise above $2,600 levels. A few hours ago, the Ethereum “diamond hand” whale sold another 15,000 ETH from its holdings, raking in a profit of $40 million. As per the blockchain analytics platform SpotonChain, the ETH Whale has been consistently moving its ETH holdings to centralized exchanges ahead of the significant ETH price drops. This development comes after Ethereum co-founder Vitalik Buterin moved 400 ETH to crypto mixer Railgun.
Over the past month, this ETH whale transferred a total of 25,000 ETH worth $74 million to the crypto exchange Kraken on two separate occasions. In the last 12 hours, the whale moved a total of 15,000 ETH worth $39.7 million at an average price of $2,645. Soon after this movement, the Ethereum price dropped by 2.5% and is currently trading at $2,591 levels with a market cap of $311 billion. Last month on July 25, the same whale transferred 10,000 ETH worth $34.7 million at an average price of $3,420, followed by a 7.6% drop. Despite these massive sell-offs, the Ethereum whale still holds a total of 41,639 ETH, valued at $107 million at an estimated profit of $131 million, which is 86% higher than its buying price.
On-chain data shows that the same whale had purchased a total of 96,639 ETH from crypto exchange Coinbase during the crypto winter of September 2022 and held it until March 2024. Following the bull market in March this year, the whale sold 55K ETH worth $176 million at an average price of $3,199.
The Ethereum price continues to face selling pressure amid the formation of the death cross patterns on the technical charts with repeated rejections at $2,600 levels. Popular trader Peter Brandt noted that ETH will continue to stay defensive unless it crosses the $3,050 level.
On the other hand, the Ethereum gas fee has dropped to its 5-year low, leading to lower burn of ETH coins and thus growing ETH supply which is negative for the price action. Moreover, the spot Ethereum ETF outflows have continued for the fourth trading session in a row, per the Farside Investors’ data.
More about Cboe Global Markets Inc
Cboe Global Markets Inc
Cboe Global Markets is an American company that owns the Chicago Board Options Exchange and the stock exchange operator BATS Global Markets.
Industry: FINANCE, SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES
Market Cap: 21,556,697,000
Current Price: $28.53
Price Change: $2.20
Percentage Change: 7.22%
52-Week Range: $36.07
PE Ratio: 0.202
Volume: 3,808,700,000
EPS: $201.67
Dividend Yield: -0.153
Beta: 0.073