TL;DR
- An Ethereum whale woke up after 8.75 years and started selling his assets, making a million-dollar profit.
- Ethereum (ETH) price surged 13% following the recent Bitcoin surge, fueling selling activity from several whales.
- Tether injected 1.845 billion USDT into exchanges, increasing liquidity in the cryptocurrency market.
A significant rally in the price of Ethereum (ETH) following Donald Trump’s recent victory in the US elections has generated strong activity in the cryptocurrency market.
Ethereum‘s value rose 13% in the past 24 hours, riding the market momentum brought by Bitcoin‘s new all-time high.
Another #Ethereum whale holding 12,001 $ETH ($34.1M) woke up after 8.75 years of dormancy and started selling on-chain!
Like whale '0x0c1' from our last tweet 👇, this whale withdrew 12,001 $ETH (then $103K) from #ShapeShift in early 2016 at an average of $8.58.
Selling now… https://t.co/Y3DXsbeb0T pic.twitter.com/d4Xc3s1Cy8
— Spot On Chain (@spotonchain) November 7, 2024
This increase not only consolidated Ethereum’s (ETH) upward trend, but also motivated several large holders of this cryptocurrency, known as whales, to make massive withdrawals and take profits in various exchanges.
One of these large movements was reported by blockchain analytics source Spot On Chain, which highlighted the activity of an account that had been dormant for almost 8.75 years.
This whale, identified by the address “0x7f6”, had 12,001 ETH in his possession, acquired in 2016 for approximately $103,000, at an average price of $8.58 per ETH.
Given the current value of Ethereum, this holder could make a profit of around $34 million, a return on investment of 330 times its initial price if he decides to sell.
This sale generated curiosity and following in the community, considering the amount of time the investor kept his assets inactive.
Throughout the day, other whales also took the opportunity to liquidate large amounts of ETH on various exchanges.
An active address known as “0xB8c” transferred around 25,000 ETH to Kraken, earning it approximately $65.67 million.
This same user still holds a considerable balance of 64,450 ETH, valued at around $181 million, displaying a partial profit-taking strategy in the face of rising prices.
Another long-time investor, known as “0x0c1,” sold 8,701 ETH for about 24.05 million USDC, allowing him to secure a profit of over $30 million.
Impact of Tether injection into Ethereum
The Ethereum market outlook was also influenced by the recent injection of 1.845 billion USDT into various exchange platforms including Binance, Coinbase, OKX, and Kraken.
This strategy by Tether has been interpreted as a reinforcement of liquidity in the market, in particular, in Ethereum.
The move follows the minting of 2 billion USDT by the Tether Treasury on the Ethereum blockchain, although the company also withdrew 1 billion USDT on Tron on the same day.
This move by Tether represents a positive signal in terms of stability and support for the cryptocurrency market.
As liquidity increases, both traders and institutional investors are expected to find new opportunities to participate in the market, especially with Ethereum on the rise.
