BlockBeats reported that a powerful anonymous crypto whale made a significant move in the Ethereum (ETH) 
$3,097 market. According to this, the whale purchased 5,000 ETH worth approximately $11.46 million at current prices.
Whale Does Not Collect ETH from Potential Dips for the First Time
According to on-chain data compiled by Lookonchain, the whale’s recent $11.46 million purchase occurred within two days. This purchase indicates another strategic investment by the whale, expecting that ETH might have hit the bottom.
The crypto whale is not making such significant moves in the Ethereum market for the first time. In November 2022, the whale made headlines by purchasing 5,200 ETH at an average price of $1,322. Known for its strategic timing, the whale later sold these significant ETH holdings in multiple sales in January and December 2023 at an average price of $2,093. All these transactions brought the whale over $4 million in profit, demonstrating the success of the buy-low, sell-high strategy.
The recent purchase shows the whale’s confidence in Ethereum’s future potential despite current market conditions. Although the details behind the whale’s investment strategy remain unclear, such large purchases typically reflect a belief that the market will recover or that the value will increase in the long term.
Investors and analysts closely monitor the whale’s moves, especially given its past success with timing. Whether this latest purchase will bring similar significant gains as in the past remains uncertain.
Whales or large investors have a significant impact on the crypto market due to their ability to influence prices with large transactions. The recent ETH purchase by the whale could be a strategic move before a potential rise or simply an effort to accumulate more of the altcoin king at perceived low prices.
ETH’s Reaction Was Minimal
So far, the Ethereum market has reacted to this significant transaction with an upward but minimal response. At the time of writing, the altcoin king’s price is trading at $2,297, up 0.27% in the last 24 hours.
