- Dormant Ethereum whale returns after eight years, earning $30M amid ETH’s price surge post-Trump victory.
- ETH surged 11% in 24 hours, with global market capitalization up by 9%.
- Analysts expect new ATHs for ETH driven by market optimism and Bitcoin’s rally potential.
Ethereum Whale Cashes in Amid Market Rally
On November 6, the crypto world witnessed significant movement after Donald Trump was declared the 47th President of the United States.
His win sparked optimism, leading to notable activity in the cryptocurrency market. Ethereum (ETH) surged by 11% within 24 hours, drawing renewed interest from investors. As a result, many inactive Ethereum addresses holding large amounts of ETH began to resurface in the market.
One highlight was a dormant Ethereum whale returning to action after eight years, selling 11,005 ETH and making $30.56 million. The ETH price at the time was $2,777.
Whale’s Strategy Pays Off
A renowned crypto analytics profile on the X platform, Lookonchain made a post highlighting the key details of the whale’s transaction.
Lookonchain says, “After the $ETH price rose, the whale, dormant for 8 years, sold 11,005 $ETH ($30.56M) at $2,777 over the past 2 hours.”
“This whale accumulated 11,005 $ETH (worth $38K at the time) from #ShapeShift at $3.46 per ETH in 2016. The profit? $30.52M — an 802x return,” Lookonchain added.
This whale’s patience proved fruitful, showcasing a successful long-term holding strategy. Lookonchain’s highlight revealed that this inactive Ethereum whale amassed these tokens when Ether’s price was around $3.46 as of 2016.
Since then, the worth has spiked over 800x, leaving these cryptocurrency traders with heavy returns. Lookonchain also hinted that if the whale exercised a little more patience, it could have fetched even more tangible returns.
This Ethereum whale showed a smart trading approach by holding assets longer and avoiding panic during downturns. Panic selling often results in missing opportunities for larger gains. For example, one trader lost $454,000 within 40 minutes by selling impulsively during a market drop.
Meanwhile, despite other whales selling significant amounts, ETH’s market capitalization grew to $336 billion, with trading volume reaching $38 billion.
After another whale sold $65.63 million worth of ETH to Kraken, creating temporary bearish concerns, ETH maintained its upward momentum. It continued trading above $2,800.
Broader Market Trends and Analyst Opinions
The overall crypto market saw a 9% boost in global capitalization, now at $2.43 trillion. Bitcoin (BTC) hit an all-time high of $76,460.15, fueling trading enthusiasm and pushing volumes above $180 billion. The surge also influenced traders to re-enter the market after weeks of price stagnation.
A well-known crypto analyst, Ali Martinez, expressed optimism for ETH’s future.
“So far, so good: #Ethereum $ETH” he said in an X Post on November 7, 2024.
Also, Martinez mentioned that ETH is following his prediction of reaching new highs, making the risk-to-reward ratio appealing for long positions. “I have my stop below $1,880 and am aiming for a target of $6K,” he confirmed.
Analysts are hopeful about continued growth, citing Trump’s win and the prospect of new Ethereum ETFs as potential catalysts.
Despite the bullish outlook, the weeks-long consolidation period raises some caution among traders. The future path for ETH will depend on sustained buying pressure and broader market conditions.
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Rida is a dedicated crypto journalist with a passion for the latest developments in the cryptocurrency world. With a keen eye for detail and a commitment to thorough research, she delivers timely and insightful news articles that keep her readers informed about the rapidly evolving digital economy.
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