In recent days, the crypto market has seen notable movements, with a sudden price surge for Ethereum (ETH) boosting overall market sentiment. Meanwhile, crypto investment giant Paradigm Capital has shifted substantial amounts of Lido DAO (LDO) tokens. Here’s a closer look at the details.
Whales Moving on Ethereum
Ethereum, the second-largest cryptocurrency, gained momentum following Bitcoin’s (BTC) record-breaking high post-Trump’s victory. With a 13% increase over the last 24 hours, ETH kept the post-election market momentum strong. The global crypto market cap jumped over 3%, reaching $2.52 trillion, and ETH trading volume soared to $190 billion as bullish sentiment dominated.
Data reveals that several Ethereum whales have sold a combined $124 million worth of Ether over the past 24 hours. One notable whale, identified as “0xB8c,” transferred 25,000 ETH (valued at approximately $65.67 million) to Kraken at a price of $2,627 per ETH, while still holding 64,450 ETH (worth about $181 million). Another whale, “0x0c1,” sold 8,701 ETH for 24.05 million USDC after a hiatus of nearly 8.75 years, achieving a price of $2,764 per ETH and realizing a $30.48 million profit.
An additional dormant whale, “0x7f6,” resurfaced and began selling on-chain. This whale had withdrawn 12,001 ETH from ShapeShift in early 2016, which was then worth $103,000 at an average price of $8.58. Selling now would mean a return of 330x, totaling $34 million.
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
Ethereum Price and Market Activity
Ethereum’s recent rise has helped recover past losses, with its price up 18% over the last 30 days. ETH was trading at an average of $2,844 as of this report, with trading volume up 41% to $39.73 billion. CoinGlass data shows that $64.25 million worth of Ether long and short positions were liquidated in the past 24 hours, with over $43.23 million (67%) in short positions, indicating that investors are not currently prepared for a reversal in Ether’s price.
In the stablecoin market, Tether, the largest stablecoin issuer, injected 1.845 billion USDT into Ethereum-based exchanges in the last 12 hours, with Binance receiving $1.706 billion, Coinbase $101.7 million, OKX $20 million, and Kraken $17.86 million. This comes after Tether minted 2 billion USDT on Ethereum, followed by burning 1 billion USDT on Tron.
LDO Token Transfers Gain Attention
Paradigm Capital, known for its significant investments in the Lido DAO ecosystem, recently transferred a substantial amount of LDO tokens. Onchain data from Onchain Lens revealed that Paradigm repositioned 70 million LDO tokens across two wallets, moving 8.18 million LDO tokens (worth about $11.29 million) to Coinbase. Paradigm originally acquired these tokens from Lido Finance’s treasury roughly four years ago to support the liquidity staking platform’s growth.
Stay tuned with The Bit Journal for ongoing updates on Ethereum and Lido DAO as whale activity and investment trends continue to shape the market.
https://twitter.com/Thebitjournal_
https://www.linkedin.com/company/the-bit-journal/
https://t.me/thebitjournal
Follow us on Twitter and LinkedIn and join our Telegram channel to be instantly informed about breaking news!
