Why A Smart Crypto Whale Is Buying A Lot Of Ethereum
In the volatile ocean of cryptos, whales—individuals or entities with large capital—often navigate a strategy that allows smaller fish to follow.
One such crypto whale is making waves in Ethereum recently. Indeed, it has shown a bullish stance on the second largest cryptocurrency by market capitalization.
Cryptocurrency stack on Ethereum
In the year On November 4th, a crypto-well made a significant move by depositing $31.80 million USD into Binance, before withdrawing 8,698 ETH worth approximately $15.94 million a few hours later. Again, this was not a one-time event.
Just two days earlier, on November 2nd, the same crypto-well put 24,495 ETH, equivalent to $45 million, into Binance after the rise in the price of Ethereum, aiming for a cool profit of around $5.47 million.
According to LookOnChain, the whale business history with Ethereum is impressive. As of February 12, he boasted eight trades, seven of which were profitable. This translates to an 87.5% win rate, with accumulated profits exceeding $13 million.
Read more: How to buy Ethereum (ETH) and everything you need to know
These actions underscore the broader narrative that, despite recent price fluctuations, Ethereum has profitable potential for those who know when to buy and sell.
BeenCrypto's global head of news Ali Martinez lends weight to this narrative. Citing on-chain data from IntoTheBlock, Martinez pointed to a higher level of protection.
“You may have to wait for ETH to overcome the massive supply wall at $1,960,” Martinez said.
According to the data, a whopping 1.14 million addresses bought about 33 million ETH at this price. So make a strong supply wall.
Smartwell's recent buying spree is consistent with expectations that Ethereum price will break through this resistance. The cautious action taken by this savvy investor shows his confidence in Ethereum's price direction. It can also be a dance of strategy and timing in the cryptocurrency market, where every dip and rise can herald opportunities to the discerning eye.
Disclaimer
Adhering to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This newsletter aims to provide accurate and up-to-date information. However, readers are advised to independently verify facts and consult with experts before making any decisions based on this content.
