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Ethereum (ETH) Whale Nets Over $100 Million in Profits Amid Price Rally

source-logo  u.today 29 February 2024 16:45, UTC

An Ethereum (ETH) whale, identified by the wallet address 0x7a9, has accrued over $100 million in unrealized profits following a recent bullish rally in the cryptocurrency's price. According to data analytics firm Spot On Chain, this significant profit margin emerged after the whale executed a series of substantial purchases totaling 173,859 ETH through major platforms Binance and 1inch.

The acquisition, carried out between Feb. 9 and Feb. 24, involved an initial outlay of approximately $496 million, equivalent to an average buying price of around $2,853 per ETH. The timing of these acquisitions appears to have been meticulously planned, coinciding with a sharp 41.5% increase in Ethereum's value over the last 20 days. As a result, the value of the whale's Ethereum holdings has surged to an estimated $601 million, reflecting a gain of $105 million from the initial investment.

The unrealized profit from $ETH for the gigantic whale 0x7a9 has exceeded $100M!

The whale purchased 173,859 $ETH via #Binance and #1inch at ~$2,853 ($496M) from Feb 9 to 24.

With the $ETH price soaring by 41.5% (20D), the whale's $ETH value has risen to $601M (+$105M).

What… https://t.co/RMK4QUrmyk pic.twitter.com/Q1kiArq6Q7

— Spot On Chain (@spotonchain) February 29, 2024

Major Ethereum accumulation trend

The Ethereum market's current bullish trend is not solely within the purview of individual whales. Recent reports indicate a growing trend among large-scale investors, who have been accumulating ETH in recent weeks. Among them is high-profile cryptocurrency figure Justin Sun, known for his investments.

According to transaction data provided by Lookonchain, a wallet suspected to belong to Sun made a notable purchase of 13,780 ETH, valued at approximately $41.24 million, from Binance last week. Throughout February, this wallet has reportedly amassed a total of 168,369 ETH, equivalent to nearly $487 million, at an average purchase price of $2,894.

This windfall comes amid a broader rally in the Ethereum market, with the current price per ETH standing at $3,456. This represents a 3.45% increase over the past 24 hours, accompanied by a significant uptick in trading volume, which has soared by 84.38% to reach $36.88 billion.

The actions of these prominent investors underline growing confidence in Ethereum's market prospects and are reflective of the broader enthusiasm within the cryptocurrency community. As more whales continue to accumulate substantial positions, market watchers are keenly observing Ethereum's price movements for indications of future trends.