Lookonchain reports whales are dominating the Ethereum market with big sales

In a Nov. 14 post, the cryptocurrency on-chain data analysis firm Lookonchain reports whale activity amid Ethereum price surge.

Notable sales have included a $154 million profit for one whale and a loss of $183 million for another.

Whale movement on chain

In the thread, Lookonchain points to the whale at address “0xee47,” that has reportedly increased their Ethereum (ETH) holdings by 3,200 ETH, equivalent to approximately $6.7 million. This accumulation comes seven months after the whale initially began acquiring ETH on July 5, 2022. Presently, their holdings stand at 183,742 ETH, valued at around $387.8 million, reflecting an unrealized profit of approximately $154 million.

In a parallel occurrence, another whale at address “0x78D0” has been actively accumulating ETH since May 24. This particular whale reportedly acquired 12,680 ETH at an average price of $1,768 from the Kraken exchange. As of the latest available data, their total holdings amount to $26.16 million, with an unrealized profit reaching an estimated $3.7 million.

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At the same time, whale “0xBf71” deposited 30,001 ETH, worth $62 million to finance, in what is a total loss of $183 million.

Holding steady at $2,000

Over the last five days, Ethereum has maintained a position above the $2,000 threshold following the registration of an iShares ETH Trust by BlackRock, the world’s largest asset manager boasting $9.4 trillion in assets under management.

The trust was officially registered on Nov. 9, and in the aftermath of this development, Ethereum experienced a 9% increase gaining the attention of the everyday investor and whale alike.

Read more: Ethereum maintains position above $2k after ETF proposal surge