Ancient Ethereum Whale Rakes In $30 Million as Market Soars

An Ethereum whale moved a huge amount of holdings, making over $30 million, an 800% return. Crypto whales are known to hold assets for long periods before transferring them for profits during market peaks. These transactions usually spark community participation and debates on the right time to sell and the impacts of such sales.

ETH Whale Moves Tokens

A crypto whale made a whopping $30.5 million after moving an ETH stash held for over eight years. Data from crypto analytics firm Lookonchain shows the whale sold 11,005 ETH at $2,777 per coin. This amounted to a staggering $30.5 million, making over 800% profits. Like most whales, these assets were bought years ago for a fraction of gains.

The whale bought the total assets at the time for about $38,000 for about $3.46 per coin, holding the asset on the ShapeShift exchange. Cashing in on profits at this time sparked diverse reactions, with a section of the community lauding the investments. Although the others praised the movement, they pointed to a period of more gains.

If the whale had sold the assets in the 2021 bull market with ETH trading above $4,700, total profits would have hit $50 million. After the 2021 bull cycle, crypto assets plummeted to new lows before notching slight gains following institutional anticipation of Bitcoin ETFs. The approval of ETFs had a bigger impact on Bitcoin’s price than ETH’s, leading to reduced inflows. Whales also planned to offload some assets after the approval to mark gains.

Whale Activity Soars

Despite the recent sale, whale activity in the crypto market has soared in the last 30 days. The Uptober rally saw Bitcoin record inflows trickling into altcoins and meme tokens. Bullish momentum has seen Bitcoin breach its previous all-time high set after the approval of spot Bitcoin ETFs. A surge in whale activity leads to similar movements from retail investors due to the size of their holdings.

After the Uptober momentum, the outcome of the United States election has been the recent catalyst for crypto assets. Bitcoin tapped a new high above $90,000 while altcoins surged to double-digit gains. Several memes coins also outperformed the market in the last seven days as funds flow to risky assets. These factors have sparked whale activity across several sectors of the ecosystem.