An Ethereum whale has moved their funds for the first time in eight years, achieving an 800-fold gain as #ETHš„š„š„š„ price surpassed $2,800.
Ether rose over 9% in the past 24 hours, reaching a 13-week high of $2,880 on November 7.
Ethereum Whale Sees Massive Gains After Eight Years
In 2016, this #etherreum whale purchased over 11,000 ETH and has now realized substantial profits as a result.
Whale Bought 11,000 ETH at Just $3.46 Each
In February 2016, ETH traded between $2.1 and $6.6 per token. At that time, the whale bought 11,005 ETH on the ShapeShift exchange at an average price of $3.46, investing a total of $38,000.
After holding the tokens for more than eight years, the whale finally decided to cash out, moving 11,005 ETH on November 7, with the price at $2,777, reaching a potential gain of $30.52 million ā more than 800 times the original investment.
Potential Profits at Historical Highs
If the whale had sold their ETH at the peak of the 2021 bull market when Ether reached $4,800, their gains would have exceeded $52.8 million. Similarly, if they had sold in May of this year, when ETH hit $4,000, they would have made around $44 million.
ETH Balance on Exchanges Increases
Large-scale sales often lead to an increase in the amount of ETH held on exchanges. Over the past week, the ETH balance on exchanges has risen from 18.8 million (October 31) to 19.2 million (November 7).
This surge was particularly noticeable from November 5 to November 7, as Etherās price rose above $2,800, indicating possible profit-taking during the recent price increase.
Could Ether Break the $4,000 Mark?
Despite signs of profit-taking and increased exchange balances, optimism remains high due to positive flows in Ethereum ETFs.
"Etherās price appears poised to break out of this rising wedge pattern," said well-known crypto analyst CryptoJack, who shared a chart on X on November 7 indicating a potential price breakout toward $4,000.
As CryptoJack noted: āOnce that happens, thereās nothing stopping $ETH from reaching $4,000!ā
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