Whales Arrive in Ethereum: Corporate Giant Buys $203 Million of ETH, Another Whale Sells $24 Million!
As the lackluster second quarter comes to an end in the Bitcoin and cryptocurrency markets, the first week of July holds great significance for spot Ethereum ETFs.
The market is buzzing with expectations that ETH ETFs will launch on July 4, which has led to increased activity among whales.
According to on-chain data provider Spot on Chain, a major whale named Abraxas Capital recently purchased a whopping $203 million worth of ETH from Bitfinex at a price of $3,387 in the last 24 hours.
As a result, the price of ETH started to rise after the giant whale withdrew 60,000 ETH from Bitfinex.
The whale then lent the received ETH to Spark, borrowing $119 million worth of stablecoins and depositing them on Binance.
“A huge whale (probably Abraxas Capital) withdrew 60k ETH (worth $203 million) from Bitfinex at $3,387 in the last 17 hours. The whale then lent ETH to Spark, borrowing $119 million worth of stablecoins, and deposited it on Binance. The ETH price increased by approximately 3%, indicating an unrealized profit of $6.27 million.”
In addition to the corporate giant whale, an ICO participant also made a move. According to a post by EmberCN, a whale who participated in the Ethereum ICO in 2015 deposited 7,000 ETH to Kraken.
This whale purchased 254,900 ETH at $0.311 in 2015. After remaining dormant for 209 days, the whale woke up during the recent rise in ETH price and transferred 7,000 ETH to Kraken, which is worth $24.28 million.
Currently, this whale still holds 40,000 ETH, valued at $139.5 million.
At the time of writing, Ethereum is trading at $3,476.
A whale who participated in the Ethereum ICO in 2015 and bought 254,900 ETH at $0.311, has transferred 7,000 ETH ($24.28 million) to Kraken after 209 days of dormancy. This whale still holds 40,000 ETH ($139.5 million).
*This article does not provide investment advice.
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