As cryptocurrency markets experience a dip today, Ethereum (ETH), the second-largest cryptocurrency, has seen a decline of over 4%, currently trading around $2,541. Despite this downturn, recent on-chain data from Spotonchain highlights significant activity involving an Ethereum whale.
An Ethereum whale recently executed a substantial move, transferring approximately 12,070 ETH to Coinbase, one of the leading cryptocurrency exchanges. The move has garnered attention, particularly considering the broader market conditions and price fluctuations.
An interesting development noted by Spotonchain involves cVault Finance, where the deployer realized an impressive $16.1 million profit, marking a substantial 109% gain from ETH before the price experienced a modest 2% drop.
cVault Finance: Deployer realized $16.1M (+109%) profit from $ETH before the price dropped ~2% !
Around 5hrs ago, the deployer dumped 12,070 $ETH, which was bought at only ~$1,233 in 2022, for $31.06M in stablecoins at ~$2,574.
Now still has 2,084 $ETH ($5.25M) left.
Follow… pic.twitter.com/51CL9aBcyG
— Spot On Chain (@spotonchain) January 13, 2024
Ethereum Whale Movements To Monitor This Month
The deployer initiated the move around 5 hours ago, dumping 12,070 ETH purchased at an average price of approximately $1,233 in 2022. The stablecoins acquired from the sale amounted to $31.06 million at an ETH price of around $2,574. As of now, the deployer still holds 2,084 ETH, valued at $5.25 million.
Additionally, blockchain tracker and analytics system Whale Alert reported two sizable transactions involving ETH being transferred to centralized exchanges (CEX) in the last 24 hours, both destined for Coinbase. One transfer involved 14,699 ETH (equivalent to $37,580,713 USD), while the other consisted of 14,714 ETH (worth $39,135,238 USD).
🚨 🚨 14,714 #ETH (39,135,238 USD) transferred from unknown wallet to #Coinbasehttps://t.co/aXEUcSnBJx
— Whale Alert (@whale_alert) January 12, 2024
The movement of significant amounts of ETH to exchanges during a market dip suggests varied strategies among whales. While some accumulate more ETH following the recent spot ETF approval, others are seemingly taking profit strategically during market fluctuations.
These dynamic activities within the Ethereum ecosystem highlight the nuanced strategies employed by major players in response to market conditions.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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