Whale doubles down on ETH with $7m buy
Release: 2024/12/10 03:59 Reading: 876
Whale Accumulates Substantial Amount of Ethereum (ETH)
On-chain data reveals that a whale has recently acquired a significant amount of Ethereum (ETH), boosting their holdings even further.
As per Lookonchain, this whale had already accumulated millions of dollars worth of ETH in recent months. The latest acquisition was a purchase of 1,800 ETH, valued at approximately $7 million, when the price of Ether was hovering around $3,900.
The whale has been actively accumulating ETH since May 24th, amassing a total of 39,600 ETH. With the recent purchase, their total investment value has reached around $99 million. The whale's average purchase price for each ETH coin is currently $2,487.
The whale's bullish outlook on Ethereum is evident in their acquisition of over 6,800 ETH in multiple transactions over the past four months. These acquisitions have resulted in an unrealized profit currently estimated at $54 million.
It is notable that this whale remained active in accumulating ETH even during the bearish market conditions in September. As Ether fell to lows of $2,200, data from IntoTheBlock indicated that whales had sent over $493 million worth of ETH out of their wallets.
Since then, Ethereum has recovered to above $4,067. Analysts at QCP Capital believe that Bitcoin (BTC) and ETH are at crucial levels despite recent profit-taking activity. Options data suggests that the markets expect "ETH to hit new highs in January post-halving."
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