On-chain data shows that an Ethereum whale used the recent ETH rally to deposit more than $60 million worth of the asset to Binance.
Should they decide to dispose of the ETH fortune, the anonymous whale will incur a massive loss worth $180 million, even though the price of the asset has been on a roll lately.
Although not confirmed yet, many in the cryptocurrency community are speculating that the market has gone into a full bull market stage. This could be confirmed by the recent price increases in many of the leading digital assets.
Ethereum had remained in the shadows to an extent, even though its price gained $300 within the last few weeks of October. However, assets like BTC, SOL, TON, and others massively outperformed the second-largest cryptocurrency.
That started to change yesterday as BlackRock, the world’s largest asset manager, registered the iShares Ethereum Trust in Delaware, potentially suggesting the filing for a spot ETH ETF.
As it happened several months back with BTC’s filing, the news had a massive impact on ETH’s price. The asset went from around $1,900 to a multi-month peak of over $2,100 within hours, leaving millions of short positions liquidated.
Amid the massive price rally, a certain Ethereum whale, observed by the on-chain monitoring resource Lookonchain, decided to deposit 30,001 ETH to Binance. In terms of USD value, this massive stack is currently worth just over $63 million.
Interestingly, the same whale sent 10,000 ETH to Binance on November 2, back when the asset jumped to almost $1,900.
Nevertheless, Lookonchain claims that the anonymous whale withdrew more than $450 million worth of ETH when its price was significantly higher at $3,672. As such, if they decide to dispose of the fortune deposited today, they would lose around $180 million, according to Lookonchain.
— Lookonchain (@lookonchain) November 10, 2023
The post This Whale is Expected to Lose $180M on ETH Investment Despite Ethereum’s Surge Past $2K: Data appeared first on CryptoPotato.
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