Following the Bitcoin price rally, Ethereum is catching up with the bulls. The ETH price has officially hit the $4k mark and requires just an 18% further rally to achieve the ATH at $4.8K. As this bullishness is building, an Ethereum whale grabbed the opportunity, netting $5M in profits from his smart crypto trading strategies.
Ethereum Whale Turned $6.97M Into $12M In 3 Months
A popular on-chain enthusiast called The Data Nerd shared the whereabouts or Ethereum news of this crypto whale, which made heavy returns in just three months. According to his X post, the ETH whale with a wallet address ‘0xc3d’ spent $6.97M to buy 3,002 ETH on 9 September. At that time, the altcoin was struggling on the charts and dipped to $2.3k, creating the opportunity for the crypto whales to scoop the supply at a low.
When $ETH reached the dip $2.3k on 9th Sep, this smart one 0xc3d spent $6.97M to accumulate 3,002 $ETH
2 hours ago, he just deposited 2k $ETH (~$8.01M) to #Bybit with estimated realized profit ~$1.04M.
Just now, he still hodls 1,005 $ETH (~$4M)
Address:https://t.co/zR0ZyBnJgb pic.twitter.com/OYLqFkqc0V
— The Data Nerd (@OnchainDataNerd) December 17, 2024
Interestingly, the dip did not last long, as the Bitcoin price hit an ATH, pushing the entire market towards bullishness. As a result, the ETH price grew significantly, turning the investor’s $6.97M into $12M within three months. Out of these, the whale has recently deposited 2,000ETH ($8.01M) to Bybit, making a realized profit of $1.04M. Yet, the ETH whale holds $1,005 ETH, equivalent to $4.02M, with a current ETH price of $4,000K.
Overall, with this investment, he has made $5M in profit. He is still holding more tokens in hopes of higher profits with time.
Ethereum Whale Accumulation Persistent With ETH Price Rally
With the Ethereum news confirming that the ETH price is reclaiming $4k, the interest has grown into the token. More importantly, the token is set for a further price rally per many analysts. In anticipation of that, the Ethereum whale accumulation has increased, with the whale wallets holding more than 100k ETH reaching 104, with current holding exceeding 57.35% of the total Ethereum supply. More importantly, an earlier CoinGape report noted that more than 92% of the ETH holders are in profit.
Another factor to consider is that the crypto whale wallet holding between 100 and 100k ETH has dropped to an all-time low at 34.36%. The same is the case with holders with less than 100 tokens in their portfolios. This hints at the long-term bullishness per Santiment, as a higher holding among bigger whales is a bullish signal.
What’s The Lesson Here?
Despite a slow start at the beginning of the year, the ETH price rally is catching the market’s bullishness, where it has recently hit the $4k mark. In the last three months, its price has almost doubled, with which an Ethereum whale earned a profit of $5M after holding it for nearly 3 months. The investor opted for basic trading strategies such as investing in a highly potential token either when it is consolidating or reaching a bottom. More importantly, holding it until the investment doesn’t match the required profits is the mandatory step. The crypto whale has a $4M equivalent of Ethereum in anticipation of a further price rally. Similarly, many other crypto whales have begun accumulating the token, showing positive signs of further rally.
The post Ethereum News: ETH Whale Nets $5 Million in Profits After Buying The Dip appeared first on CoinGape.
