An Ethereum whale took advantage of the ETH price surge yesterday to execute significant sales. With ETH prices rising above $2,600, this whale made substantial moves to secure profits. A few hours ago, a long-term Ethereum investor sold 15,000 ETH, realizing a profit of $40 million.
Ethereum Commentary
According to data shared by the blockchain tracking platform SpotonChain, this whale drew attention by transferring their ETH to exchanges before significant price drops. This development followed Ethereum co-founder Vitalik Buterin sending 400 ETH to the crypto mixer Railgun.
Looking at the past month, data shows that this ETH whale sent 25,000 ETH worth $74 million to the crypto exchange Kraken in two separate transactions.
In the last 12 hours, a total of 15,000 ETH worth $39.7 million, with an average value of $2,645, was reported to have been moved. Following this whale movement, Ethereum’s price dropped by 2.5%, and as of today, it continues to find buyers at the $2,600 level with a market cap of $313 billion.
On July 25th of the previous month, the same whale transferred 10,000 ETH worth $34.7 million at an average value of $3,420. Following this process, ETH’s price experienced a 7.6% drop. Despite the large sales, it is known that the Ethereum whale still holds 41,639 ETH worth over $108 million, which is 86% higher than the purchase price.
On-chain data reveals that this whale address purchased 96,639 ETH from the crypto exchange Coinbase during the crypto winter of September 2022 and held it until March 2024 without selling. In March 2024, they sold 55,000 ETH worth $176 million at an average price of $3,199.
Analyst’s ETH Commentary
Ethereum’s price continues to face selling pressure due to death cross formations on technical charts and its inability to break the $2,600 region permanently. Renowned market investor Peter Brandt stated that ETH would continue to face uncertainties unless it surpasses the $3,050 level.
On the other hand, Ethereum gas fees have dropped to a five-year low, leading to fewer ETH coins being burned and consequently increasing ETH supply, which negatively impacts price movements.
