A major Ethereum transaction recently caught the eye of the cryptocurrency community when myparagon.eth, a prominent wallet holder, sold the remaining 4,802 ETH (worth $12.56 million) a few hours ago, making a significant profit of approximately $2.8 million in just 38 days.Â
According to Lookonchain, the wallet initially purchased 9,050 ETH for $20.75 million at an average price of $2,293 on September 7 and September 9. Throughout multiple sales on September 30, October 2, and October 15, all Ethereum was sold at an average price of $2,598, resulting in a massive gain.
Ethereum’s Price Actions
Currently, Ethereum is trading at $2,617.45, marking a 3.13% increase over the last 24 hours. The global market cap has also risen by more than 3% to $315.09 billion, while the 24-hour trading volume surged by 31.07%. This bullish price movement is a positive sign for Ethereum, particularly as the market digests these substantial trades from key players.
Ethereum Whale Transfers Continues
Another noteworthy event was the transfer of a substantial 3,888 ETH to the Gemini trading platform by an inactive Ethereum whale. This whale seems to be profiting from the recent price increase.
Approximately 1.6 years ago, he made headlines when he bought 6,603 ETH from Bitfinex at an average price of $1,785 per ETH, or $11.78 million.
The transfer of 3,888 ETH denotes a substantial shift in the market and reflects the realization of large gains brought about by the rise in Ethereum prices.
Historically, the Ethereum market has been highly sensitive to large transactions from prominent holders, or ‘whales,’ whose trades can significantly impact market dynamics. This particular transfer comes at a time when the cryptocurrency market is navigating a mix of regulatory changes and economic uncertainty, making it an even more important development to watch.
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Market Sentiment for Ethereum
Ethereum’s market trajectory continues to draw attention as substantial swings are made by both long-term holders and short-term traders. Increased trading activity, transfers, and strategic sells all point to heightened market interest and the possibility of more price volatility in the days ahead.