Smart Money With 100% Win Rate Buys Up 4K ETH

Ethereum

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Tanzeel Akhtar

Journalist

Tanzeel Akhtar

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Tanzeel Akhtar is a seasoned journalist who has been reporting on cryptocurrency and blockchain technology since 2015. Her work has appeared in leading publications including The Wall Street Journal,...

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August 2, 2024

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Smart money wallet address with a 100% win rate acquired 4,000 Ethereum worth $12.58 million on Friday, notes onchain sleuth Lookonchain.

The term “smart money” is crypto lingo and refers to capital-controlled traders and investors who are believed to have a deep understanding of the market.

Smart money individuals or entities are considered to have key knowledge, superior analytical skills, or access to advanced tools and data. This gives them an edge when making investment decisions.

Sharing a post on social media platform X (formerly Twitter) Lookchain went on to add that smart money purchased Ethereum several times between 2022-2024.

A smart money with a 100% win rate bought 4,000 $ETH($12.58M) again 5 hours ago!

This smart money bought and sold $ETH 7 times from Nov 21, 2022 and May 23, 2024, buying at low prices and selling at high prices each time, with a 100% win rate and a total profit of more than… pic.twitter.com/3fnCkyfmQT

— Lookonchain (@lookonchain) August 2, 2024

Lookchain notes that the wallet is buying Ethereum at low prices and then selling at high prices each time, with a 100% win rate and a total profit of more than $38 million.

The wallet has bought a total of 17,012 Ethereum (worth $61 million) at an average price of $3,587 since May 29 and lost $7.6 million at the current price.

Eth ETFs Inflows Rise

In July, the Securities and Exchange Commission (SEC) approved a bunch of spot Ethereum exchange-traded funds (ETFs).

On Tuesday, BlackRock’s iShares Ethereum Trust ETF saw $118 million in inflows, according to data shared by Fireside Investors.

Ethereum spot ETFs experienced a significant net inflow of $26.7 million on August 1 after reporting $77.2111 million in outflows on the previous day. Fidelity’s Ethereum Fund (FETH) is the second favourite among investors garnering $16.4 million.

Ethereum is the second most popular cryptocurrency. On Friday at press time, Ethereum is trading at $64,296.61 up 0.2%.