In a year-to-date performance race of the cryptocurrencies, the leading altcoin, Ethereum, has dashed past Bitcoin. It is evident from the newest data of CryptoQuant that exchanges have never experienced such net outflow equaling 800000 ETH worth a staggering $2.4 billion. The reduction in the Ethereum exchange reserve balance is significant for two reasons: first, it signals a potential shift in investor sentiment and confidence toward this digital asset, and second, it indicates that Ethereum might be gaining some political power.
Ethereum Whale Transactions
Lookonchain added to the mystery by publishing information from Intotheblock, saying there is a significant accumulation of Ether by 1.38 million addresses. At an average price of $2,984, these addresses collectively bought 1.33 million ETH for a total value of $3.9 billion. However, despite this large investment amount, the holders may be unable to sell their positions when they reach the breakeven point without making a loss.
Further dissecting the market dynamics, some of the big Ethereum transactions by whales are under scrutiny, notably among four major actors who disposed of 34,134 ETH at nearly $100.8 million, around a $3k price point.
One of them is 0x7102, which has dumped a large amount of ETH (16,597) worth $48.7 million on a decentralized exchange (DEX) at $2,934; likewise, 0x702a divested itself of 8,040 ETH, equivalent to $23.89 million across DEX and Binance platforms while both 0x9017 and 0x7485 transferred to Kraken and Binance respectively with amounts totaling to Kraken ($14.28m) & Binance ($13.928m) being deposited with them for this second one.
According to the latest data from Lookonchain, a wise trader saw an opportunity to make a huge amount of money and sold his 7,425 ETH for $21.8 million with each Ethereum being valued at $2,937. This wise one took advantage of the currency market’s fluctuations and earned about $10.66m as gains for only four months.
Significantly, the buyer-vendor opened up a series of strategic buy-sell operations, which started from October 21st through November 22nd, 2023, when he bought 9,217 ETH ($17.2 million) for $1,863 per unit, then sold it at $2,442 in about January 10th-13th, 2024 thereby gaining around $5.34m approximately.
In addition to this purchase, on January 26th, this person bought another lot constituting 7,429 ETH ($16.5 million), with each piece going at $2,219 and subsequently disposed of at $2,937, earning him about $5.32m as profit. However, even though Ethereum proves its vitality and popularity by executing impressive transactional activities, the world of cryptocurrencies continues to bubble over with so much activity, giving room for investors and traders simultaneously.