- After latest transfer, whale holds over 26,000 ETH, boasting a $132 million profit and an 86% return on investment.
- Despite global market fluctuations, Ethereum rises 6.39% post-Federal Reserve’s unexpected 50 basis point cut, reaching a high of $2,632.
In a striking development, an Ethereum holder, known for their steadfast investment strategy, moved 15,000 ETH to Kraken, a major cryptocurrency exchange. This transfer, valued at approximately $38 million, has sparked considerable interest within the cryptocurrency community.
The individual, often described as having “diamond hands,” is characterized by their resolve to hold assets through market fluctuations, betting on their long-term appreciation.
The transaction was recorded by blockchain analytics platform Lookonchain, which highlighted the whale’s history of well-timed asset disposals prior to market downturns.
The diamond-hand whale “0x682” deposited 15,000 $ETH ($38.4M) to #Kraken again 8 hours ago!
Notably, in the last 2 deposits, the whale unloaded $ETH right before the price dropped sharply, including:
• 10K $ETH ($34.2M) on Jul 25, before a 7.6% price drop,
• 15K $ETH ($39.7M)… https://t.co/VZglPwpAFd pic.twitter.com/cUNkwvL9VZ— Spot On Chain (@spotonchain) September 22, 2024
For instance, the whale previously transferred 10,000 ETH, valued then at $34.2 million, shortly before a 7.6% price fall on July 25, followed by a deposit of 15,000 ETH worth $39.7 million on August 20, just before a 2.5% decrease in Ethereum’s price.
Following these transactions, the whale’s holdings amount to 26,639 ETH, currently valued around $69.7 million. This portfolio has garnered an estimated profit of $132 million, translating to an 86% return on investment in Ethereum. Such figures underscore the trading moves that have contributed to the whale’s substantial gains.
The crypto market, particularly Ethereum, showed robust performance over the past week. This surge coincided with the U.S. Federal Reserve’s announcement of a significant interest rate cut.
Contrary to many expectations of a modest 25 basis point reduction, the Fed opted for a more aggressive 50 basis point cut. Following this news, Ethereum’s value increased by 6.39% over the week.
Ethereum’s upward trajectory began last Tuesday, culminating in a peak price of $2,632 by Sunday. However, it faced resistance at this level, and at the time of writing, it registered a minor decline of 0.02% in the last 24 hours, trading at $2,565.
This slight downturn reflects a period of profit-taking after the cryptocurrency’s sharp ascent, driven by investor reactions to macroeconomic indicators and market liquidity.
These movements highlight the complex interplay between large-scale asset transfers by holders and broader markets, which can provide insights into potential future trends in the Ethereum market.
As large holders like the “diamond hand” whale continue to make better moves, their actions are closely watched for indications of market sentiment and potential shifts in cryptocurrency valuation.
