An Ethereum whale that amassed a sizeable number of ETH during the September 2022 market bottom is credited with making a noteworthy deposit of 5,000 ETH to the well-known cryptocurrency exchange Kraken, according to on-chain analytics firm Lookonchain.
When the Ethereum network switched to a proof-of-stake consensus back in September 2022, the whale seized the chance to purchase ETH at what was thought to be the bottom of the market. The time seems appropriate because the cost of Ethereum was around $1,567 per ETH, making the bulk buy worth $151.42 million.
The ETH whale withdrew 96,638 ETH, valued at $151.42 million at the time, from Coinbase between September 3 and September 7, 2022, according to Lookonchain.
https://x.com/lookonchain/status/1780281283844939934
In the present, the whale in question has moved 5,000 ETH to Kraken, most likely with the intention of selling it for a profit. Whales usually indicate that they intend to purchase when they withdraw their tokens from exchanges, whilst their deposits usually indicate that they may sell.
The price of Ethereum had increased at the time of the deposit, suggesting a substantial profit margin for the investor. With 76,638 ETH remaining in value of $233.56 million, the whale has made almost $153.7 million in profit.
The whale’s behaviour suggests that big gains may be achieved by timing and market emotion just right. Another ETH whale who suffered large losses as the price of ETH dropped was one example of how the improper timing might result in final losses.
The week began with selling pressure on Ethereum following its peak price of $3,281 on April 15. Ethereum continued to decline for two days in a row before somewhat recovering. As of this writing, ETH has increased by 0.43% to $3,058 during the previous day.
As previously reported, an ETH whale lost more than $4 million after selling their $33 million stockpile of 10,701 ETH after going long on the cryptocurrency. They lost about $500,000 the first time around.
