This whale activity reveals a calculated approach to realizing profits from ENS holdings.
Here's a detailed analysis:
Whale Activity Overview:
Recent Deposit:
50,000 ENS (~$1.66M) deposited to Binance.
This deposit comes after 5 months of inactivity, likely signaling a strategic profit-taking move.
Transaction Hash: 0xcd21e12aef8a403b6e3a6160e156bc317a2db073b71a029bbdb04e960dfceab1
Address: 0x1d89ca6024cf2c124a02f9bd28a36ba37698a682
Long-Term ENS Holding:
The whale withdrew 322,739 ENS from OKX and Gate.io between August 19 and November 11, 2022, at an average price of $13.86, spending ~$4.47M.
Profit Realization:
Since January 4, 2024, has deposited 272,739 ENS to Binance at an average price of $20.75, totaling ~$5.66M.
Estimated profit: $2.83M (+63.2%) from these trades.
Current Holdings:
Still holds 50,000 ENS (~$1.64M), possibly waiting for further price appreciation or liquidity opportunities.
Insights:
The whale's long-term buy-and-hold strategy is paying off significantly, with a disciplined approach to selling into strength.
Binance activity suggests liquidation or a potential setup for other investment opportunities.
ENS Market Impact:
This deposit could introduce short-term selling pressure, depending on how quickly the funds are offloaded. Keeping an eye on further transactions from 0x1d89ca6024cf2c124a02f9bd28a36ba37698a682 and the ENS price movement is advisable.
