Gigantic ETH Whale Awakens From Dormancy, Shifts 10,000 ETH in One Fell Swoop

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Written By Maya Cantina

Wed, 6/03/2024 – 12:45

Cover image via www.freepik.com

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A massive Ethereum (ETH) whale, dormant for an extended period, has suddenly sprung to life, transferring 10,000 ETH in a single transaction.

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According to Lookonchain, a giant whale woke up after three years of dormancy when the price of ETH recovered above its pre-dump level and deposited 10,000 ETH worth $38.5 million to Bitfinex at an average price of $3,850.

The Ethereum price sharply fell on March 5 to a low of $3,205 from a high of $3,829. Ethereum’s price is currently recovering alongside the overall cryptocurrency market. Depositing crypto assets on exchanges signals a decision to sell, but withdrawals may indicate buying.

According to Lookonchain, the whale purchased 110,000 ETH from Bitfinex on Jan. 21, 2021, for only $1,386 (worth $153 million at the time); the whale still owns 100,000 ETH worth $385 million. The expected total profit from his ETH investment is $270 million (+177%).

This sizable movement of 10,000 ETH to Bitfinex, worth millions of dollars, piqued the interest of traders, investors and experts alike.

One of the first concerns among market participants was whether this move signaled a significant change in the whale’s investment strategy or an indication of a potential sale of the whale’s holdings, which have 100,000 ETH left.

Whales may perform transactions for a variety of reasons, such as portfolio rebalancing, profit-taking or strategic moves within the cryptocurrency ecosystem; however, the exact reason for the large ETH whale’s move remains unknown.

ETH price action

Ethereum saw profit booking at a high of $3,829 on Feb. 29, but buyers quickly bought the dip.

The bulls are nearing the crucial $3,900 level: ETH is now trading up 5% in the last 24 hours at $3,881, having reached intraday highs of $3,897. If they succeed, Ethereum might enter the second leg of its rise, surging above $4,000 and eventually $4,200.

The upward-sloping moving averages indicate that bulls are in charge, but the RSI has been in the overbought zone for several days, raising the chance of a short-term drop. The immediate support on the downside is $3,300, followed by $3,205.

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