Ethereum Whale Makes Another Big Buy Amidst Price Rally

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.

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.