Dormant Ethereum Whale Reactivated After Eight Years, Makes $30 Million from Trading

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Jimmy Aki

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Jimmy Aki

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Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, and Blockonomi, covering news...

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November 7, 2024 10:40 EST

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A previously dormant Ethereum whale reactivated after eight years, selling 11,005 ETH for a profit of $30.56 million, according to Lookonchain’s Wednesday post on X, as Ethereum’s price hit $2,817.

Ethereum Whale Secures $30M after Eight-Year Hold

According to data from Lookonchain, this whale initially accumulated 11,005 ETH in 2016 through ShapeShift, paying only $3.46 per ETH.

This sale represents an impressive 802x return on the original investment of $38,000.

This Ethereum whale reactivated amid a significant crypto market surge, driven by bullish sentiment following recent U.S. election results, which saw Donald Trump winning the presidential seat.

This rally boosted Bitcoin to historic highs, reigniting interest in major cryptocurrencies like Ethereum.

Despite the significant sale, Ethereum’s upward trend continues, showcasing its market stability and appeal to new traders and investors.

Holding ETH since 2016, this whale secured a substantial profit from Ethereum’s long-term rise from $3.46 per token.

Ethereum’s Future Amid Growing Market Sentiment

Market observers are keeping a close watch on Ethereum, anticipating potential new highs amid a recent surge in trading volume and renewed interest in cryptocurrencies.

The bullish sentiment sparked by the recent U.S. election has led many analysts to predict a substantial increase in Bitcoin’s price, with some projections suggesting a rally to $90,000.

Ethereum is expected to follow suit if Bitcoin achieves this, possibly reaching new all-time highs.

Several crypto analysts, including popular figures like Ali, have highlighted Ethereum’s robust performance amidst this rally, noting the token’s favorable risk-to-reward ratio for long-term investments.

Ethereum’s trajectory is also bolstered by recent developments, such as the introduction of Ethereum ETFs, which are likely to draw further institutional interest.

This regulatory acceptance and high buying pressure suggest a promising outlook for Ethereum as the crypto market enters a new era of mainstream adoption.

According to technical analysis, Ethereum’s price shows signs of stabilizing, with a slight gain after a week of volatility that ended in a 2.24% dip. Trading activity has also picked up, with volume rising 19% to $14.5 billion.

Most analysts and traders believe Ethereum’s recent dip below $2,500 may be a bear trap and see it as a buying opportunity, supported by technical indicators hinting at a breakout from the multi-month downtrend.