Ethereum
Diamond-Handed ETH Trader Sells Holdings After Enduring Bear Market
Alex Dovbnia
A major Ethereum whale has decided to withdraw a significant portion of its holdings following the launch of a spot Ether ETF in the United States
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According to blockchain tracking firm Lookonchain, an Ethereum investor recently deposit 10,000 Ethereum (ETH) tokens on the Kraken exchange.
The whale withdrew 96,639 ETH from the Coinbase exchange in early September, as Ethereum was going through a bear market. At the time, the second-largest cryptocurrency was trading at the $1,500 level.
The whale has deposited 40,000 ETH tokens on Kraken since early March, netting a massive $178 million profit.
According to CoinGecko, the price of ETH currently sits at $3,397 after falling 2.3% in the last 24 hours.
The cryptocurrency is facing selling pressure despite the successful launch of several Ethereum exchange-traded products on Wednesday. As reported by U.Today, these products managed to debut with “very strong” inflows of $107 million.
Notably, the whale decided to cash out the last batch of its ETH holdings right after the launch of the Ether ETFs. reported by U.TodayAn old Ethereum address containing nearly 1,000 ETH tokens was also activated just before ETH launch day. This was the first activation of such an old wallet during the month of July.
Meanwhile, Ethereum ETFs are enjoying strong investor enthusiasm. According to Bitwise’s Teddy Fusaro, these products have already reached a value of $852 million on their second day of trading.
That being said, Grayscale outflows will likely remain a bearish catalyst for Ether price in the near future despite strong inflows from BlackRock and Fidelity products.
QCP maintained a positive outlook on ETH, noting that it took Bitcoin more than two months to reach a new all-time high after ETH launched in January.
About the Author
Alex Dovbnia
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything related to this booming industry, from price analysis to blockchain disruption. Alex has written over 1,000 articles for U.Today, CryptoComes, and other fintech outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets. You can contact him at alex.dovbnya@u.today.