News

Ethereum Hits $3000 Mark As Whale Takes Profit Amidst Market Surge

Over the weekend, Ethereum, the second-largest cryptocurrency, surged past the $3000 mark, reaching a peak of $3220 today. However, amidst this bullish momentum, an interesting development unfolds as a whale takes advantage of the price surge to secure profits.

The whale in question, who purchased Ethereum a year ago, has decided to capitalize on the recent price increase. Withdrawing a staggering 12,906 ETH, valued at $24.39 million, from Binance, where the tokens were acquired at $1,890 each, the whale proceeded to deposit them into Lido. 

When the market experienced a downturn on April 30th, the same whale withdrew 7,000 ETH from Lido and deposited them back into Binance.

This strategic move resulted in a profit exceeding $16 million, showcasing the potential for significant gains in the cryptocurrency market.

United States And Hong Kong Volume Comparison 

Meanwhile, a notable contrast in trading volumes between Hong Kong and the United States highlights the varying levels of activity in different regions.

The total trading volume of six Hong Kong Bitcoin and Ethereum spot ETFs on May 6th amounted to HK$60.41 million, equivalent to just US$7.72 million.

In stark contrast, the trading volume of 11 Bitcoin spot ETFs in the United States on the previous trading day stood at an impressive US$1.88 billion, a staggering 268 times higher than that of Hong Kong.

Related Post

These observations underscore the global nature of the cryptocurrency market and the disparities in trading activity across regions.

While Ethereum’s price surge attracts profit-taking actions from whales, the discrepancy in trading volumes between different markets reflects the diverse landscape of cryptocurrency adoption and investment worldwide.

As Ethereum continues to make headlines, investors and analysts alike will closely monitor market dynamics and whale activity for insights into future price movements and market trends.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: promesaartstudio/123RF // Image Effects by Colorcinch

Will Izuchukwu

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.

Share
Published by
Will Izuchukwu

Recent Posts

These 3 Cryptos Might Rival Solana, Offering Growth Potential For Investors

Solana's (SOL) meteoric rise surprised the crypto world, leaving many investors feeling they missed out…

2 hours ago

SOL Market Cap Hits $100 Billion as Possible Infinaeon Long-Term Price Targets Surge

The SOL price has surged to well over $200 as its market capitalization exceeded $100…

2 hours ago

XRP Price Prediction: Ripple Could Hit $3 as in 2018 Soon, but RCOF Could Rise Above it from $0.05

When the XRP price shot past $3 in 2018, it carved its place as a…

2 hours ago

BlockDAG’s 100% Bonus Energizes the Market & Cutoshi’s Presale Surges

BlockDAG Drops a Huge 100% Bonus in the Bull Run As Cutoshi Presale Heats Up!…

5 hours ago

Solana Meme Coin Duo PNUT and ACT Rocket On Binance Listings, Could This Altcoin Be Next?  

Memes have been on fire lately, with Solana newcomers Peanut The Squirrel and Act 1:…

7 hours ago

Cardano Price Rockets 50% in a Week! Experts Reveal the Next Crypto to Watch

Cardano price has lit up the crypto world with a dramatic 50% price surge that…

7 hours ago