As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I find myself intrigued by this recent move from the anonymous “Diamond Hand” Ethereum whale. The 15,000 ETH transfer to Kraken, worth a staggering $38.4 million, is not just another transaction in the blockchain; it’s a potential market-moving event that warrants closer scrutiny.
A significant player in the Ethereum (ETH) market, known as a “Diamond Hand” whale, has unexpectedly moved 15,000 ETH tokens to a prominent exchange. Due to the immense scale of this transaction, this whale has garnered interest from various Ethereum investors and the wider cryptocurrency community.
Diamond Hand Whale Moves 15,000 ETH Tokens
On September 22, a blockchain analytics platform called Spot On Chain shared on X (previously Twitter) that an unidentified large-scale Ethereum investor, often referred to as a “whale,” moved 15,000 ETH worth approximately $38.4 million from the wallet address “0x682” to Kraken, a leading global cryptocurrency exchange.
A “Diamond-handed whale” refers to individuals who hold onto their investments in cryptocurrencies, stocks, bonds, or precious metals like silver for a long time, regardless of any price fluctuations or market volatility, with no intention of selling.
Information from Spot On Chain indicates that an unidentified ‘Diamond Whale’ made deposits of over $30 million in ETH on Kraken, and interestingly, these transfers took place right before the value of Ethereum started to drop.
On July 25th, a significant investor transferred 10,000 Ethereum tokens, equivalent to approximately $34.2 million, to Kraken. This transaction took place shortly before Ethereum’s price dropped by 7.6%. In the following transaction on August 20th, this same investor (referred to as a ‘diamond hand’ whale) deposited an additional 15,000 ETH, worth around $39.7 million at the time. This large Ethereum deposit was made just before another 2.5% drop in Ethereum’s price.
It seems that this specific whale’s Ethereum deposits were strategically timed and calculated, with transactions made just prior to a decrease in price, thus avoiding potential losses. Furthermore, these actions by the whale might provide useful information, possibly indicating a future drop in the cost of Ethereum.
At present, the whale is in possession of 26,639 Ethereum tokens, equating to around 69.7 million dollars. The approximate total profit from these tokens amounts to $132 million, translating to a substantial increase of over 86%.
Update On Ethereum Price Analysis
The price of Ethereum has been relatively stable in recent weeks, experiencing modest gains after ensuring an extensive period of significant bearish activity. According to CoinMarketCap’s data, ETH is trading at $2,640, reflecting a 1.93% increase in the last week and an impressive 13.43% surge over the past seven days.
It’s worth mentioning that the positive trend in Ethereum has led many analysts, including ‘Crypto Patel’ on X, to express optimism. This particular analyst has set high price goals for Ethereum, estimating that its value could jump to anywhere between $5,500 and $6,000.
The expert pinpointed the optimal accumulation range for investors, which lies between approximately $2,500 and $2,100. Moreover, the analyst made a prediction about ETH‘s future price movement, suggesting that it may surge beyond $8,000, potentially reaching as high as $10,000 in the long term.
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2024-09-24 02:10