Investing.com | Editor Pollock Mondal
Published Nov 10, 2023 04:40AM ET
The Ethereum market has been buzzing with activity in recent weeks, marked by significant price movements and large-scale transactions by a prominent Ethereum investor, known colloquially as a ‘whale’. Today, the same whale added an additional 30,001 ETH (over $63 million) into Binance, the popular cryptocurrency exchange, according to data analytics firm Lookonchain. The deposit was made amidst an ongoing price rally for Ethereum, which saw its value increase from around $1,900 to over $2,100.
This latest deposit follows a series of large-scale transactions by the same investor. On November 2, the whale deposited 10,000 ETH (approximately $19 million) into Binance, coinciding with a rise in Ethereum’s price to nearly $1,900. In total, the whale has now transferred all of their previously held Ethereum to Binance, including an initial deposit of 83,000 ETH earlier in November.
These transactions were made at a loss compared to the price at which the Ethereum was originally acquired. The whale had withdrawn 123,000 ETH ($451 million) in 2022 when Ethereum was valued at $3,672. If sold at the current trading price of $2,105 per ETH, the investor would incur a loss of around $180 million. Despite Ethereum’s recent one-day gain of 10%, it is speculated that the whale is looking to exit at what they consider a good price in anticipation of a potential price drop.
Also contributing to Ethereum’s recent price surge was BlackRock (NYSE:BLK)’s registration of the iShares Ethereum Trust in Delaware on November 9. This development sparked rumors of a spot ETH ETF filing and led to a considerable increase in Ethereum’s value. It also resulted in the liquidation of many short positions.
Despite these developments and being outshone by other digital assets in late October, Ethereum experienced a $300 price surge. The recent activity by the Ethereum whale and the registration of the iShares Ethereum Trust by BlackRock have added to the heightened interest in this digital asset market.
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Written By: Investing.com