Search
Crypto News
Altcoin
Ethereum Attracts Whales: Corporate and ICO Participant Make Major Transactions
Whales Have Landed in Ethereum: A Corporate Giant Acquires $203 Million in ETH, While Another Sells $24 Million!
As anticipation builds for spot Ethereum ETFs, whales have become active in the market.
Author:
Elif Azra Güven
01.07.2024 – 13:19
Update:
5 seconds ago
0
As the Bitcoin and cryptocurrency markets say goodbye to a lackluster second quarter, the first week of July is crucial for the potential launch of spot Ethereum ETFs.
Following this news, expectations are high for the launch of ETH ETFs on July 4.
With these expectations, whales have also made significant moves in the market.
According to on-chain data provider Spot on Chain, a major whale named Abraxas Capital has purchased a staggering $203 million worth of ETH from Bitfinex at a price of $3,387 in the last 24 hours.
This transaction caused a price increase as the whale withdrew 60 thousand ETH from Bitfinex.
The whale then loaned the ETH to Spark, borrowing $119 million worth of stablecoins and depositing them on Binance.
“A massive whale (likely Abraxas Capital) withdrew 60k ETH (worth $203 million) from Bitfinex at $3,387 in the last 17 hours.
The whale then lent ETH to Spark, borrowing $119 million worth of stablecoins, and deposited it on Binance.
“The ETH price increased by approximately 3%, indicating an unrealized profit of $6.27 million.”
The whale who bought Ethereum at $0.31 also sold 7000 ETH!
In addition to the corporate whale, an ICO participant has also made a significant move. According to a post by EmberCN, a whale who participated in the Ethereum ICO in 2015 deposited 7000 ETH to Kraken.
This whale purchased 254,900 ETH at $0.311 in 2015. After not moving for 209 days, the whale transferred 7,000 ETH to Kraken during the recent rise in ETH price, worth $24.28 million.
The whale still holds 40,000 ETH worth $139.5 million.
At the time of writing, Ethereum is trading at $3,476.
*This is not investment advice.
To invest in more than 300 cryptocurrencies, you can register with Binance exchange with 20% COMMISSION DISCOUNT from this link!
Follow our
Telegram
and
Twitter
account now for exclusive news, analytics and on-chain data!
