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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    NFT sales pump 37% to $144.8m, Immutable dethrones Ethereum

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    Somnia Launches Playground App to Empower Metaverse Creators

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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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Home Altcoins

Is Ethereum whale’s $128 million ETH purchase HODLing advice for you?

April 19, 2024
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Is Ethereum whale’s $128 million ETH purchase HODLing advice for you?
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  • Despite high unrealized losses, a whale was seen accumulating ETH
  • ETH supply held by addresses that don’t belong to exchanges increased in recent weeks

Ethereum’s [ETH] price corrected sharply during the early trading hours in Asia on Friday due to escalating tensions between Israel and Iran. Though it recovered to be valued at over $3,000 at press time, the second-largest cryptocurrency has largely been in the red over the past week. In fact, it lost more than 12% of its valuation, according to CoinMarketCap.

ETH’s profitability drops

The slump contributed to the net unrealized profits of the network declining. AMBCrypto examined the same using Glassnode’s data and found that the number of ETH holders in profit came down sharply.

Ethereum unrealized profit/loss

Source: Glassnode

When confronted with such risks to their portfolios, a lot of participants start to capitulate, resulting in panic selling. However, the actions of one particular whale investor piqued the interest of the market.

Unfazed whale goes on buying spree

According to on-chain tracking platform Spot On Chain, a “giant” whale is accumulating ETH despite being in unrealized loss. The risk-tolerant investor snapped 41,358 ETH over the past five days, valued at around $128 million at prevailing prices.

Overall, the whale is now in possession of a whopping 117,268 ETH coins, which if sold would result in losses of roughly $20 million.

The accumulation pattern, however, was not limited to the aforementioned whale. AMBCrypto dug further using Santiment data and noticed a steady rise in ETH supply held by addresses that don’t belong to exchanges.

See also  XRP Faces Extended Bearish Pressure At $0.4937 Amid Market Weakness

These HODLing tendencies are a sign of confidence in ETH’s price over the long-term. These addresses might be expecting ETH to rebound and rebound well.

ETH supply held by top non-exchange addresses

Source: Santiment


Is your portfolio green? Check out the ETH Profit Calculator


What to expect next?

At the time of writing, Ethereum’s market was in a neutral state, as per the latest readings from Ethereum Fear and Greed Index. This signified a balanced market sentiment without a strong bias towards buying and selling.

Bitcoin’s [BTC] halving is expected to create ripples across the broader market, including ETH. Following the last halving in 2020, ETH’s trajectory mirrored BTC’s, and both leading assets hit new highs the following year.

Next: Solana – Here are $13 million reasons behind SOL’s latest rally

READ ALSO

CryptoGames now supports Tether (USDT) for deposits and announces partnership with Bitinvestor

Toncoin heats up: What does $398M in trading volume indicate?

  • Despite high unrealized losses, a whale was seen accumulating ETH
  • ETH supply held by addresses that don’t belong to exchanges increased in recent weeks

Ethereum’s [ETH] price corrected sharply during the early trading hours in Asia on Friday due to escalating tensions between Israel and Iran. Though it recovered to be valued at over $3,000 at press time, the second-largest cryptocurrency has largely been in the red over the past week. In fact, it lost more than 12% of its valuation, according to CoinMarketCap.

ETH’s profitability drops

The slump contributed to the net unrealized profits of the network declining. AMBCrypto examined the same using Glassnode’s data and found that the number of ETH holders in profit came down sharply.

Ethereum unrealized profit/loss

Source: Glassnode

When confronted with such risks to their portfolios, a lot of participants start to capitulate, resulting in panic selling. However, the actions of one particular whale investor piqued the interest of the market.

See also  Crypto Expert Forecasts The 'Age of Ethereum': What This Means

Unfazed whale goes on buying spree

According to on-chain tracking platform Spot On Chain, a “giant” whale is accumulating ETH despite being in unrealized loss. The risk-tolerant investor snapped 41,358 ETH over the past five days, valued at around $128 million at prevailing prices.

Overall, the whale is now in possession of a whopping 117,268 ETH coins, which if sold would result in losses of roughly $20 million.

The accumulation pattern, however, was not limited to the aforementioned whale. AMBCrypto dug further using Santiment data and noticed a steady rise in ETH supply held by addresses that don’t belong to exchanges.

These HODLing tendencies are a sign of confidence in ETH’s price over the long-term. These addresses might be expecting ETH to rebound and rebound well.

ETH supply held by top non-exchange addresses

Source: Santiment


Is your portfolio green? Check out the ETH Profit Calculator


What to expect next?

At the time of writing, Ethereum’s market was in a neutral state, as per the latest readings from Ethereum Fear and Greed Index. This signified a balanced market sentiment without a strong bias towards buying and selling.

Bitcoin’s [BTC] halving is expected to create ripples across the broader market, including ETH. Following the last halving in 2020, ETH’s trajectory mirrored BTC’s, and both leading assets hit new highs the following year.

Next: Solana – Here are $13 million reasons behind SOL’s latest rally
Tags: adviceETHEthereumHODLingmillionPurchasewhales

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