A colossal Ethereum (ETH) whale that had been dormant for an extended period has sprung to life, making a significant move in the cryptocurrency market.
The whale, inactive for three years, recently deposited 10,000 ETH, worth approximately $38.5 million, in a single transaction to Bitfinex, according to Spot on Chain data. This sudden activity comes as Ethereum’s price shows signs of recovery, nearing the $3,900 level.
According to data from Spot on Chain, the whale had been dormant for three years until the recent surge in Ethereum’s price. The whale’s awakening coincided with Ethereum’s recovery above its pre-dump levels.
The 10,000 ETH deposit to Bitfinex was executed at an average price of $3,850. This transaction marks a significant movement of funds and has drawn the attention of traders and investors alike.
Before this recent transaction, the whale had purchased 110,000 ETH from Bitfinex on January 21, 2021, for only $1,386 per ETH, totalling $153 million. With the current price of Ethereum, the whale’s remaining 100,000 ETH is worth approximately $385 million.
The whale’s potential profit from this investment is estimated to be around $270 million, representing a remarkable 177% increase.
ETH/USDT Price Chart: TradingView
The sudden movement of such a large amount of ETH has led to speculation about the whale’s intentions. Some market participants question whether this move signals a significant change in the whale’s investment strategy or a potential sale of their remaining holdings.
Ethereum’s price action has been closely watched. The cryptocurrency recently reached a high of $3,829 before experiencing a sharp decline to a low of $3,205. Ethereum is trading at around $3,842, with bulls aiming to surpass the $3,900 level.
The Dencun upgrade, a significant technical improvement for the Ethereum mainnet, is set to be launched on March 13. This upgrade represents a crucial milestone for Layer 2 chains and rollups, making it the most substantial upgrade for the Ethereum blockchain since the transition to Proof-of-Stake during the Merge. Developers have confirmed March 13 as the release date for Dencun’s mainnet.
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