A whale, a large holder of cryptocurrency, is back in the market to buy more ETH tokens after a large investment. A little earlier today, this whale sent 7,000 ETH, which at the time was equivalent to approximately 26. 7 million USD, back to Binance. This comes even as Ethereum is trading at $3,814.
Giant whale with a 76.6M profit from $ETH just returned to accumulate more tokens!An hour ago, the whale withdrew 7K $ETH ($26.7M) from #Binance at $3,814.Notably, the whale withdrew most $ETH during last year's bear market and then deposited $ETH to CEX whenever the price… pic.twitter.com/cjZCM793BV
— Spot On Chain (@spotonchain) June 3, 2024
Whale’s ETH Holdings Exceed $141M, Raises Eyebrows in Market
This particular whale has been involved in manipulative actions that have been observed in the crypto market. In the preceding year’s bear market, he started pulling out a large amount of ETH and redepositing it into the CEX whenever Etherum’s price surged.
At present, the whale holds 36,785 ETH, approximately $141 million. In relation to trades on this token, its estimated gross profit reaches $76,606,250, and the growth rate is equal to 57.9%. The trend indicates the whale remains bullish on Ethereum and actively purchases assets for future growth. The whale’s activity is a significant step forward that may prompt other traders and investors to show further interest in Ethereum.
Whales’ Return Reflects Positive Outlook
The cryptocurrency has a strong potential for development. It is proven by numerous events and changes taking place in the industry. In particular, Ethereum 2.0 is expected to be released soon. In addition to this, the growing popularity of DeFi may also contribute to the currency’s growth.
The importance of this event is also confirmed by the fact that this person has already made a significant contribution to the industry and decided to resume large transactions. The return of whales with such a number of coins indicates their unwavering belief in the potential of the asset’s growth. At present, these actions are evidence of the confidence in Ethereum’s overall growth in the upcoming period.