Whale Doubles Down on ETH After Successful STETH Trade
A seasoned crypto whale, identified by the address 0xe0b532985a6b8bfe82a9d1f6f83373c75a7b3c71, has made a significant ETH purchase. In the past 9 hours alone, the whale acquired 5,025 ETH, spending a substantial $12.8 million at an average price of $2,547.
This recent move marks the second phase of the whale's ETH/STETH trading strategy. In the first phase, between May 17, 2022, and May 9, 2024, the whale bought 3,861 STETH across Binance, HTX, and decentralized exchanges (DEXs) at an average price of $3,044, amounting to an investment of $11.75 million.
Subsequently, on May 2 and 21, 2024, the whale sold 3,814 STETH through Binance and DEXs at an average price of $3,623, realizing a total of $13.82 million. This first cycle yielded an impressive profit of $2.07 million, representing a 17.6% return on investment.
The whale's decision to reinvest a significant portion of these profits back into ETH suggests continued confidence in the Ethereum ecosystem. Whether this is a strategic move to accumulate ETH at a relatively lower price point or a hedge against market volatility remains to be seen.
The crypto community is closely watching this whale's activities, as its trading patterns could potentially influence market trends.
