Bittime - A large number of Ethereum investors or commonly referred to as whales, seems to be enjoying the results of a successful year. Based on data analysis from blockchain intelligence service Lookonchain, this investor made a series of transactions that showed profit taking.
Whale Withdrawal
A year ago, this investor bought a significant amount of Ether at a price of around $1,890 (approximately Rp30.4 million) per token. Last week, they withdrew 12,906 ETH, worth roughly $24.39 million (approximately Rp391.6 billion) from Binance, a leading crypto exchange.
The tokens are then deposited into Lido, a platform that allows users to earn interest on their holdings through liquid staking – meaning users can earn interest by staking their ETH, while receiving liquid tokens representing staked assets that can be used elsewhere.
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Hold by Staking ETH
This move could indicate an investor's intention to hold the asset over the long term while earning passive income. However, their actions indicate a change in strategy because on April 30, coinciding with a market downturn, the whale withdrew 7,000 ETH from Lido and deposited funds back into Binance.
This quick transfer indicates that investors aim to capitalize on potential short-term price changes.
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Whale Cuan Many
The total profit from the sale of 7,000 ETH likely exceeded $16 million, highlighting the significant gains whales have made since their initial purchase, according to the blockchain analysis service.
The price of Ethereum, the second-largest cryptocurrency by market capitalization, experienced significant changes over the past week, dropping from around $3,250 (around Rp52.1 million) to as low as $2,850 (around Rp45.7 million) before starting to recover to its starting point. The cryptocurrency has since started to plummet again, with ETH now trading below $3,100 (around Rp49.7 million) again.
ETH Rises Since the Beginning of the Year
Since the beginning of the year to date, the crypto asset is up more than 35% as it has benefited from a broader crypto market recovery that saw Bitcoin, the main cryptocurrency, rise more than 50% over the same period.
Conclusion
Given the current trend, analysts predict that Ethereum whales will probably continue to take profits, which could affect market dynamics. Despite this, investor confidence in Ethereum's long-term prospects remains strong, despite a decline in Ethereum holdings on centralized exchanges following the recent 'whale' sale.
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How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the Complete Guide on How to Buy Crypto on Bittime.
Monitor the price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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