Whale Resumes Ethereum Accumulation as Price Bounces Back!

The whale converted a staggering 9.88 million USDC into 6,000 ETH, with an average price of $1,646 per ETH. This significant transaction occurred as the price of Ethereum made an impressive recovery, surging by up to 4.7%.

🚨 Whale 0x828 swapped a total of 9.88M $USDC for 6K $ETH at $1,646 on avg ~16 and 10hrs ago, as $ETH price bounced back by up to 4.7%.

Notably, the whale once realized a $14M profit from his first two $ETH trades.

However, the estimated total profit from $ETH has been reduced… https://t.co/BLUG3X9XsB pic.twitter.com/1SFoOphJNS

— Spot On Chain (@spotonchain) September 29, 2023

Whale’s Multi-Million Dollar ETH Trade

This whale’s recent actions have raised questions about long-term Ethereum accumulation strategies. What makes this exchange particularly noteworthy is the whale’s history of strategic trading in the Ethereum market. In the past, this crypto heavyweight made headlines by realizing a remarkable $14 million profit from just two Ethereum accumulation trades. These earlier trades showcased the whale’s ability to time the market effectively and capitalize on price fluctuations.

However, the crypto landscape is known for its volatility, and not every trade yields a profit. The whale’s recent trading activities have included a third trade that ended up being unprofitable. This, along with the initial unprofitable trade, has impacted the estimated total profit from Ethereum for the 0x828 whale. Despite the earlier successes, the estimated total profit has now been reduced to approximately $7 million.

From Profits to Strategies in the Ethereum Market

As of the latest available data, the 0x828 whale holds a substantial 8,000 ETH, amounting to approximately $13.2 million. This significant holding indicates that the whale remains actively engaged in the Ethereum market, despite the recent challenges and fluctuations.

The crypto world continues to be a dynamic and ever-changing environment, where traders and investors must navigate price swings and market sentiment. The 0x828 whale’s trading journey serves as a reminder of both the potential rewards and risks involved in cryptocurrency trading, where strategic decisions can lead to substantial gains or losses in a matter of hours.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Source