Whale doubles down on ETH with $7m buy

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As a seasoned crypto investor with a knack for deciphering market trends and whale behavior, this latest move by the Ethereum whale has piqued my interest. With their recent $7 million purchase of 1,800 ETH, they’ve not only increased their total holdings to a staggering $99 million but also averaged their cost per coin at around $2,487 – a price I wish I could go back in time and buy at myself!

Data recorded on the Ethereum blockchain indicates a large investor, or “whale,” has significantly boosted their Ethereum holdings through a sizable acquisition.

As reported by Lookonchain, a significant investor, who had amassed millions in Ethereum (ETH) over the past few months, made a purchase of 1,800 ETH, equivalent to approximately $7 million. This transaction took place when the price of Ether was around $3,900.

Lookonchain shared the whale’s transaction via a post on X.

Since May 24, this whale has been steadily purchasing Ethereum, accumulating a grand total of 39,600 ETH over several months. The latest acquisition increased the investment’s worth to approximately $99 million. This means the average price at which the whale bought each coin is around $2,487.

Over the past four months, a whale has expressed optimism towards altcoins by purchasing approximately 6,800 Ether in four separate transactions. This accumulation now amounts to an unrealized profit of about $54 million.

An interesting aspect of this whale is that despite some negative predictions (bearish views), significant amounts of money flowed into it during September. As the price of Ether dropped to around $2,200, data from IntoTheBlock revealed that whales transferred over $493 million within a week.

After Trump’s victory, Ethereum has rebounded to surpass $4,067, with bulls gaining the upper hand in the market.

Analysts from QCP Capital in Singapore believe that Bitcoin (BTC) and Ethereum (ETH) have reached significant points, despite recent profit-taking activities happening at the key prices of $100K for BTC and $4k for ETH. Data from options contracts expiring on December 27, 2024, shows levels that match the highest volume of open interest, according to their statement.

Pointing to a potential squeeze higher, QCP analysts noted:

Historically, the price of ETH reaches new peaks in January following a halving event. The options market also shows a bias towards buying ETH call options from January onwards, indicating a higher probability of increased prices.

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2024-12-09 23:02