Crypto: This Ethereum Whale Has Accumulated Large Reserves!
Like an ant, this institutional investor has alternated buying Ethereum at opportune times and has been rewarded handsomely. Indeed, since September, when ETH was trading between $1,500 and $1,600 per coin, this whale was able to amass a tidy sum of over 41,000 ETH. Imagine how much that is worth today, with ether valued at over $2,200.
41,779 ETH in this whale’s crypto treasury
The months of August and September were not a prosperous time for Ethereum investors. The ETH bull run was struggling to gain traction, nurturing pessimism among certain whales fond of the second most important cryptocurrency on the market.
However, for this institutional Ethereum investor, things played out differently.
According to Daily Hodl, this large entity has not stopped accumulating large quantities of ethers for two consecutive months. Lookonchain data indicate that the 41,779 ETH, valued at $76.8 million at the time when the prince of cryptos was trading at $1,800, has allowed it to generate profits of over $13 million.
“This giant whale borrowed another 2 million DAI and bought 921 ETH at $2,171…
This whale has bought 41,779 ETH ($76.8 million) from Binance and DEX (decentralized exchange) since September 19, with an average buying price of ~$1,838.
The profit is ~$13.3 million at current price.”
According to Lookonchain, this giant whale did not hesitate to borrow DAI stablecoins to fuel its purchases. A wise decision, apparently, given the amount of profits earned since.
Note that at the time of writing this article, ether was trading at $2,224.85 per coin. This represents a 3% increase in just 24 hours: a rate that is not far from the 4% displayed by bitcoin, which had just broken through the $41,000 barrier.
Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.
La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.