As Bitcoin’s price rallies, Ethereum (ETH) is not far behind, hitting a major milestone by surpassing the $4,000 mark. This surge has brought Ethereum closer to its all-time high (ATH) of $4,800, requiring just an 18% increase to achieve that level. The market’s bullish sentiment has caught the attention of investors, including Ethereum whales, who are making profitable moves amidst the rally. One whale, in particular, has turned $6.97 million into a staggering $12 million in just three months, showcasing the immense profit potential within the crypto space.
Ethereum Whale Profits $5M with Strategic Moves
The Ethereum whale, identified by the wallet address ‘0xc3d,’ made a smart move back on September 9, when ETH was trading at a low of $2,300. With a keen eye for opportunities, the whale purchased 3,002 ETH for $6.97 million, capitalizing on the dip during a time when market sentiment was uncertain. This strategic entry paid off as the price of Ethereum surged, benefiting from the broader bullish momentum driven by Bitcoin’s ATH.
In just three months, the whale’s investment nearly doubled in value, reaching $12 million. Recently, the whale withdrew 2,000 ETH, worth $8.01 million, and realized a profit of $1.04 million. However, the whale still holds $4.02 million worth of Ethereum, showcasing confidence in the asset’s future potential. With a $5 million profit, the whale is poised for more gains if Ethereum’s bullish trend continues.
Whale Accumulation Indicates Long-Term Optimism
As Ethereum’s price continues to reclaim the $4K level, whale accumulation has ramped up. The number of Ethereum wallets holding more than 100,000 ETH has risen, with these wallets now holding more than 57.35% of the total supply. This accumulation reflects growing confidence in Ethereum’s price trajectory, with many analysts predicting further gains in the coming months.
Interestingly, wallets holding between 100 and 100,000 ETH have decreased to an all-time low of 34.36%. This shift suggests that larger whales are taking a dominant position, a sign that long-term bullishness is likely.
Also Read: Ethereum’s Institutional Holders Surge to 57.35% of Supply, Signaling Long-Term Bullish Momentum
Key Takeaways
The recent price rally of Ethereum highlights the importance of timing and strategy in the crypto market. Just like the whale who made a $5 million profit in three months, investors can benefit from buying during price dips and holding for the long term. As Ethereum’s price continues to rise, more whales are positioning themselves for future gains, signaling a positive outlook for ETH’s price in the coming months.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
