A dormant Ethereum (ETH) whale has recently resurfaced, seemingly to realize gains of nearly 700% on over 47,260 ETH that they have received from June to August 2017 at an average price of $240 per token.
According to on-chain analysis service Lookonchain, the whale has now deposited the 39,260 ETH it had remaining, worth $87.5 million, to popular cryptocurrency exchange Kraken after the funds appreciated from being worth roughly $11.34 million when they were acquired, leading to a potential net profit of $78 million, a gain of around 670%.
An early $ETH whale appears to be selling ETH again after being dormant for 5 years.
The whale deposited all 39,260 $ETH($87.5M) to #Kraken 30 mins ago.
The whale received 47,260 $ETH($11.34M) at ~$240 from June to August 2017.
If sold the whale would make a profit of ~$78M. pic.twitter.com/v0PI4LNTKO
— Lookonchain (@lookonchain) December 5, 2023
The move comes at a time when institutional investors have significantly increased ETH holdings, marking a renewed confidence in the cryptocurrency’s long-term value, according to a trend analyzed by analytics firm CryptoQuant.
The firm found that there’s been a growing trend of institutional investors betting on the second-largest cryptocurrency by market capitalization through a series of channels, which include trusts, exchange-traded products, and investment funds.
According to CryptoQuant’s analysis, the spike in institutional interest in Ethereum signals a strong belief in its long-term value and potential for market expansion. These investors are not just drawn to the current market trends but are also looking at Ethereum’s promising future, with the implementation of Ethereum 2.0 and other enhancements seen as key drivers.
According to former Goldman Sachs executive Raoul Pal, a well-known figure in the finance and investment world, particularly recognized for his expertise in macroeconomic trends, Ethereum could outperform Bitcoin in Crypto’s “late spring” phase.
Pal referenced the Tom Demark Sequential indicator to support his view that Ethereum is gearing up to surpass Bitcoin. The Tom DeMark Sequential is a technical analysis indicator developed by Tom DeMark to identify potential price exhaustion and reversal points in financial markets. This tool is particularly popular among traders and analysts in various markets, including forex, stocks, and cryptocurrencies.
