Ethereum Whales Wake Up From Slumber To Cash Out $90M Amid Rally, But Indicators Show Sentiment Can Flip

Benzinga11-07 13:58

Long-term holders of Ethereum ETH/USD began to profit-take on their holdings amid a rapid surge in the cryptocurrency’s price. What Happened: Two long-term investors sold a total of 33,701 ETH, worth ...

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The sale amounted to nearly $65.67 million.\nDuring the ICO, the price of ETH was $0.311 per unit, bringing the total cost basis of 25,000 ETH to $7,775. With the sale, the investor netted a staggeting profit of 844530%.\nSimilarly, an investor reappeared after 8.75 years to sell 8,701 ETH for $24.05 million in USD Coin USDC/USD at approximately $2,764 per ETH. This left the holder with 2,304 ETH, valued at $6.48 million, and a profit of $30.48 million, marking a staggering 689x return.\nSee Also: Dogecoin’s Sister Coin First Neiro On Ethereum Jumps 53% To Top Daily Crypto Gainers List\n\nTwo long-term $ETH holders unloaded 33,701 $ETH ($89.72M) as the price surged 13.75% in 24 hours:1/ Ethereum ICO whale \"0xB8c\" sent 25,000 $ETH ($65.67M) to #Kraken at ~$2,627, leaving 64,450 $ETH ($181.2M).2/ Whale \"0x0c1\" returned after 8.75 years to sell 8,701 $ETH for… pic.twitter.com/KrmC7KT60m— Spot On Chain (@spotonchain) November 7, 2024\n\nWhy It Matters: The sell-off by these major holders comes amidst a significant spike in the price of ETH. The second-largest cryptocurrency jumped over 10% in just 24 hours, spurred by a broader rally in the market on Donald Trump’s presidential victory. \nWhale interest was clearly up, as data from IntoTheBlock showed a 5A0% jump in transactions worth more than $100,000. \nMost investors were geared toward profit-taking as positive net flows indicated that more ETH was entering exchanges than leaving them. That said, the inflow rate dropped 91% over the last 24 hours, indicating a potential switch from selling to HODLing. \nAccording to TradingView, moving averages and momentum indicators such as Moving Average Convergence Divergence (MACD) pointed to sustained bullish momentum, but the Relative Strength Index (RSI) showed a neutral reading.\nPrice Action: At the time of writing, ETH was exchanging hands at $2,848.50, up 10.2% in the last 24 hours, according to data from Benzinga Pro.\nRead Next: \n\nKalshi And Polymarket Shoot To The Top Of Apple’s App Store Rankings Amid Election Euphoria\n Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. 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