According to monitoring by Ember, a prominent Ethereum whale with a cost basis of $154 per ETH has transferred a staggering 60,078 ETH (worth approximately $234.50 million) to the cryptocurrency exchange Bitfinex.Â
This latest move cleared the whale’s entire address, suggesting a strategic decision to consolidate or potentially offload their substantial Ethereum holdings.
The Whale’s History
A deeper dive into the whale’s transaction history reveals some fascinating insights.
On January 5, 2019, this same address withdrew 87,084 ETH from Bitfinex when the price of Ethereum was a mere $154 per token.
This means the whale initially acquired their ETH at a cost basis of just $154 per coin.
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Tornado Cash Deposit
The whale’s activity extends beyond just the Bitfinex transactions.
On December 6, 2020, the address deposited 600 ETH into the Tornado Cash privacy protocol, likely as part of an effort to obfuscate the trail of their Ethereum holdings.
Impressive Gains
The latest transfer of 60,078 ETH to Bitfinex was executed at an average price of $3,338 per token. The ETH price has been on a bullish move of recent, currently trading at $3,918.57.
This represents a staggering 21.6 times increase from the whale’s original cost basis of just $154 per ETH.
In other words, this Ethereum whale has achieved gains of over 2,100% on their initial investment.
Market Implications
The whale’s decision to move such a substantial amount of Ethereum to Bitfinex has garnered significant attention within the cryptocurrency community.
This transaction highlights the presence of deep-pocketed investors who have managed to accumulate vast Ethereum holdings over an extended period, potentially signaling their intention to capitalize on the cryptocurrency’s recent price appreciation.
As the Ethereum network continues to evolve, the activities of whales like this one will undoubtedly continue to shape the broader market dynamics.
Also Read: Ethereum Whale Earns $1.8 Million Profit in Single Day Through 19th Round of Trading