A savvy Ethereum trader, labelled a “smart diamond hand” by Lookonchain, has successfully navigated the bear and bull markets, making a remarkable $131.72 million in profits.
According to Lookonchain’s report, this trader bought 96,639 ETH from Coinbase in early September 2022, during a market dip when the price was $1,567 per ETH, amounting to a total purchase of $151.42 million.
Since then, the whale sold a significant portion of their holdings, depositing 70,000 ETH, valued at $214.34 million, into Kraken at a much higher price of $3,062 per ETH. The remaining 26,639 ETH in the trader’s portfolio, currently valued at $68.81 million, reflects the strategic timing and smart move in Ethereum trading.
Ethereum Price Boosted by Federal Reserve’s Rate Cut
Following the Federal Reserve’s announcement of a 50 basis point rate drop Ethereum has been trading well in recent days. The market was rocked by this news, which increased Ethereum’s value and bolstered the optimistic outlook.
At the time of writing, Ethereum is trading at $2,646.29, reflecting a 2.40% increase in the past 24 hours. Over the past week, it has surged by over 15%, benefiting from the broader positive market sentiment.
Ethereum’s global market cap stands at $318.39 billion, up by nearly 3% in the past day, while its 24-hour trading volume has skyrocketed by 56.18%.
Ethereum’s Upcoming Upgrade, Pectra
Notably, Ethereum’s core developers revealed last week that “Pectra,” the network’s upcoming significant upgrade, will be divided into at least two stages.
The upgrade’s initial phase is expected to be implemented by February 2025. This choice is in line with Ethereum’s ongoing efforts to increase efficiency and scalability in response to rising user and developer demand.
Pectra comes after a slew of significant updates in recent years, such as the “Shapella” update that went live in 2023 and the “Dencun” version that debuted in March 2024.
With these updates, Ethereum’s user experience and performance have significantly improved, securing its place as the industry’s top blockchain platform.
Ethereum is positioned for long-term prosperity thanks to a combination of smart trading decisions made by major holders and continuous technology advancements.
Ethereum is expected to continue to be a big player in the cryptocurrency market due to the network’s increasing market value and impending significant protocol improvements.