After the Ethereum price plunged, a smart whale singularly bought 6,000 ETH, presumably related to LonglingCapital. He is known for catching the market dips, buying Ethereum at low prices, and then selling it during price spikes.
The whale has amassed 75,400 ETH worth $180.4 million at an average price of $2,392 per ETH since May 8, 2023. At an average sale price of $3,401 per ETH, they subsequently sold 50,800 ETH for $172.8 million. This technique has got an $83 million profit.
Ethereum’s Price Actions
Currently, Ethereum is priced at $3,670.72, while the price fell by 4.05% in the last 24 hours. However, despite that fall, the 24-hour trading volume has climbed more than 37%.
Ethereum’s market capitalization across the globe is currently $442.41 billion. There has been a lot of movement in the market, putting traders close attention to price fluctuations.
Also Read: Ethereum Whale Earns $1.8 Million Profit in Single Day Through 19th Round of Trading
Whale Alert Highlights Major Ethereum Trades
Whale activity in ETH is also increasing. Whale Alert reported two such incidents. In the first transfer, 5,285 ETH (worth approximately $20.4 million) moved from Coinbase Institutional to Coinbase.
A further transfer of 15,188 ETH (about $58.7 million) was moved from Coinbase to a newly created wallet. The crypto community has observed these high-profile dealings.
Changing Landscape of Ethereum Ownership
Around 57% of the total Ether supply is currently held in whale wallets, the highest concentration since the launch of Ethereum in 2015. According to data from blockchain analytics platform Santiment, 104 wallets hold more than 100,000 ETH each, with a total of about $333 billion worth of Ether.
In contrast, mid-size wallets holding 10,000–100,000 ETH have dropped to an all-time low of 33.5%. Additionally, wallets holding less than 100 ETH currently make up just 9.19% of the total supply, which is the lowest percentage in nearly four years.
This shift in whale concentration in Ethereum assets highlights the evolving market metrics. The recent shift has altered the ownership landscape as fewer mid-sized and smaller wallets hold significant quantities of ETH.
In the coming months, market participants will watch closely to see how these changes affect Ethereum’s price and broader market trends.