Date: Fri, August 30, 2024, 04:49 PM GMT
In the crypto market today, a ethereum whale recently made waves with a massive $21.47 million deposit into Coinbase, netting a tidy profit of around $5 million in the process.
This Ethereum whale, who has a history of making significant trades, deposited a whopping 8,651 ETH into Coinbase over the past six hours. This deposit comes at a time when the market sentiment is increasingly bearish, as the crypto world braces for a potentially volatile September, a month that has historically been tough on digital assets.
The whale’s activity has been tracked closely by Lookonchain, a blockchain analysis firm. According to their report, this isn’t the whale’s first big move. Between July 14 and November 6, 2023, the same whale withdrew 7,697 ETH (valued at $14.3 million) from Coinbase at a price of $1,859 per ETH. The whale’s strategic timing allowed them to ride the market’s highs, where their profit at the peak exceeded $16 million.
A whale deposited 8,651 $ETH($21.47M) into #Coinbase in the past 6 hours, making a profit of ~$5M!
— Lookonchain (@lookonchain) August 30, 2024
The whale withdrew 7,697 $ETH($14.3M) from #Coinbase at $1,859 between Jul 14 and Nov 6, 2023.
His profit on $ETH exceeded $16M at the peak!https://t.co/v4fbT6mTY8 pic.twitter.com/7sgJ5dVMP3
The recent $21.47 million deposit into Coinbase suggests that the whale might be preparing for another significant market move, possibly anticipating further declines in Ethereum’s price as the market’s bearish sentiment continues. This kind of activity from large holders often signals potential market shifts, making it a focal point for traders and analysts alike.
As we move into September, a month known for its historical market challenges, all eyes will be on the whales and their next moves, which could set the tone for the broader crypto market.
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