A major Ethereum whale has completed a significant transaction, depositing its remaining 60,079 ETH, valued at $234 million, into Bitfinex. The move comes nearly six years after the whale withdrew 87,085 ETH from the exchange at an average price of $153 per token, a transaction valued at $13.4 million in January 2019.
According to on-chain data, the whale executed highly profitable transactions during its holding period. After the initial withdrawal in 2019, the whale reportedly sent 600 ETH to Tornado Cash in 2020 before redepositing 86,484 ETH back to Bitfinex in two phases—26,406 ETH in November 2023 and 60,079 ETH on December 6, 2024. The average redeposit price was $3,331 per ETH.
A giant whale just deposited its remaining 60,079 $ETH ($234M) to #Bitfinex after nearly 6 years of holding!The whale withdrew 87,085 $ETH from Bitfinex in Jan 2019 at only $153 ($13.4M).Later, the whale sent 600 $ETH to Tornado Cash in 2020 and redeposited 86,484 $ETH in Nov… pic.twitter.com/JWc1g83Y75
— Spot On Chain (@spotonchain) December 6, 2024
If these transactions were trades, the whale would have achieved an estimated profit of $274.8 million, equating to a 20.7x return on its initial investment. This remarkable profit demonstrates the potential rewards of strategic long-term holding and timing in the cryptocurrency market.
Whale Activity Highlights Long-Term Holding Trends
The whale’s activity underscores the benefits of holding Ethereum through multiple market cycles. From January 2019, when ETH was trading at $153, to December 2024, the asset’s value has increased substantially, peaking during several bull markets. The recent deposit to Bitfinex indicates that the whale may be preparing to liquidate or reposition its holdings, though its next moves remain speculative.
The timing of this transaction aligns with Ethereum’s ongoing market strength and its pivotal role in decentralized finance (DeFi) and other blockchain applications.
Ethereum’s price history reflects a meteoric rise in value over the past six years, fueled by adoption in DeFi, NFTs, and smart contract platforms. The whale’s calculated withdrawals and redeposits suggest a deep understanding of market trends, further amplified by the exponential growth in Ethereum’s price. The transaction adds to ongoing discussions around whale influence in the crypto market, highlighting the impact of large holders on liquidity and price movement.
