A large Ethereum whale has been steadily accumulating the cryptocurrency over the past month according to transactions monitored by blockchain analytics firm LookOnChain.
Today, the whale deposited 55 million USDT (Tether) onto the popular cryptocurrency exchange Binance, likely with the intent of using those stablecoins to purchase Ethereum.
This whale has proven to be an experienced swing trader of Ethereum. On November 9th, they sold a staggering 25,700 ETH valued at approximately $54.5 million at the time. However, after waiting a full month and watching the price plummet, they are now restarting their accumulation.
LookOnChain has tracked this whale’s transactions going back to February 12th of this year. In total, they have traded Ethereum 8 times. An impressive 7 of those trades have resulted in profits, giving this whale an 87.5% win rate and over $13 million in total gains from their ETH moves.
Their most recent large deposition of Ethereum onto Binance was on November 2nd, when they deposited 24,495 ETH worth around $45 million after a price spike. It is estimated they made around $5.47 million from that single trade by selling into increased demand.
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With Ethereum currently trading hands around $2200, it seems this savvy investor is betting the recent pullback provides an attractive entry point once again. Their successful track record shows they have a knack for identifying good long term accumulation zones. With such a large order being placed, it will be interesting to see if this whale’s activity helps stabilize or even reverse Ethereum’s price trend in the near future.
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