Ethereum: Mysterious Whale Sells Dormant ETH to Cash Out Millions

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Written By Maya Cantina

Thu, 28/03/2024 – 13:03

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Contents

  • Dormant ETH coins bring whale $10 million in profit
  • Debates about Ethereum ETF continue

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Data shared by the @spotonchain analytics X/Twitter account shows that a smart whale has sold a large Ethereum chunk. It included a lot of dormant ETH coins acquired when the second largest cryptocurrency traded below the $700 zone.

Dormant ETH coins bring whale $10 million in profit

The tweet reveals that this whale (wallet ending in 0xf2b) has dumped all of his Ethereum – 17,768 ETH, selling it for 62.24 million DAI. The aforementioned amount of Ethereum is equal to a massive $63,655,281 in fiat. That is a ROI of more than 400%, the tweet states.

@spotonchain also revealed that a lot of the coins sold by this whale were purchased by him from centralized exchanges Gemini and Bittrex between 2018 and 2021, when ETH traded approximately at $679 – an estimated cost of almost $10 million.

Debates about Ethereum ETF continue

Recently, Bloomberg’s ETF analyst Eric Balchunas stated that the odds of the SEC greenlighting spot Ethereum ETFs have plunged to merely 25% and became less likely, taking a pessimistic turn.

There is less than a month now before the deadline for VanEck’s ETF application arrives but, according to the aforementioned Bloomberg expert, there are hardly any communications between the regulator and ETF issuers who have filed their applications, BlackRock among them. Another reason for believing in a great delay on Ethereum ETF approvals is the fact that getting a green light for spot Bitcoin-based ones took years.

Still, BlackRock boss Lary Fink recently stated that he believes that approval of spot Ethereum ETFs is still possible, even if the SEC eventually classifies Ethereum as a security. So far Ethereum, along with Bitcoin, has been named a commodity, but recently discussions begun to emerge, which question this decision by the SEC regarding Ethereum.

Within the past 24 hours, Ethereum has demonstrated a rise of 3.70%, reaching $3,585. However, until that price increase happened, ETH saw a 5.19% decline from the local high of $3,667.

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