Ethereum ICO whale deposited 48.5K ETH with a profit of 1,024,416%
The price of Ether (ETH) is having a rocky Q3, with new data showing that an Ethereum ICO whale with 1 million ETH has been moving huge amounts of exchanges over the past month.
The launch of the Ethereum ETF did not trigger a positive price reaction, as net gross inflows were largely negative due to Grayscale's ETHE exits.
Well bought 1M ETH for $0.31 in ICO.
The given Ether Well address was “born” 3,300 days ago when it received 1 million ETH at a price of $0.31, according to Lookonchain. However, last month the wallet made 17 transactions, all of which were deposited into the OKX exchange. The price of the transaction increased gradually, the last three deposits were 5,000 ETH.
The 48,500 ETH deposited during this period is worth approximately $154 million, an average of $3,176 per ETH. This is a return on investment (ROI) of 1,024,416% from the original price of $0.31.
Currently, the balance of the whale wallet is 15,600 ETH. If the “sales expansion” continues, another $41 million sales push could be added in the next few days.
Additionally, an additional sale was seen in the hands of Block Tower Capital. The investment company sold 9,232 ETH worth about 25 million dollars.
#BlockTower Capital appears to have sold 9,232$ETH(24.8M) via #FalconX, #Cumberland, #Wintermute and #B2C2Group. pic.twitter.com/zGk1Q71eHE
— Lookonchain (@lookonchain) August 13, 2024
ETH will continue to leave crypto exchanges
While sales from whales and institutions carry the value of ETH, Ether currency reserves paint a different picture. According to CryptoQuant data, total ETH exchange in August dropped from 17.1 million to 16.8 million.
The drop was especially noticeable between August 5th and August 13th when the price of Ether dropped below $2800, indicating that it has accumulated near the recent bottom. The drop is part of a larger trend that has seen the crypto exchange's stock decline by 8.5% since January 1.
The price of Ether declined by 2,750
Since the August 5 market crash, Ethereum has outperformed many other altcoins. However, it has struggled in the last 12 hours to break above the key level.
On the 4-hour chart, ETH/USD is consolidating narrowly at the end of an ascending triangle pattern. For a bearish continuation, Ether should close positively above the neckline at $2,750, raising the possibility of a retest at $3,000. However, if ETH loses ground below $2,500, it may find $2,350-$2,200 retests as support.
The price of ETH is currently down 3% over the last 12-hours, rejecting the most recent high of $2,750.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
