Cryptocurrency whale watchers noticed large Ethereum transactions over the past couple days that appear to be timed with ETH’s recent price rally.
On Friday, crypto analytics firm LookOnChain reported that an Ethereum whale deposited 24,495 ETH worth $45 million to Binance as ETH’s price was rising. LookOnChain speculated the whale expected to profit around $5.47 million from this move.
This apparently savvy trader has a strong track record, according to LookOnChain. Since February 12, the whale has traded ETH 8 times, scoring profits on 7 out of 8 trades for an 87.5% win rate. In total, LookOnChain estimates this whale has netted over $13 million in profits so far this year.
The whale struck again on Saturday, LookOnChain reported. The whale deposited 31.8 million USDT to Binance, then withdrew 8,698 ETH worth approximately $15.94 million shortly after.
These largetransactions come as Ethereum’s price has rallied 2% over the last 24 hours. ETH is currently trading around $1,840, up significantly from recent lows under $1,500 in mid-July.
Some speculate the whale is betting on a continued Ethereum price recovery. The activity may also signal bullish sentiments among large crypto holders. With Ethereum merging to a proof-of-stake consensus model soon, traders may believe now is an opportune time to accumulate ETH.
Of course, no one knows for sure except the whale making these large bets. But Ethereum whales are worth paying attention to, as their transactions can sometimes foreshadow where the markets are heading next.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
