The post Ethereum Whale banks $78 Million profit from $11 Million investment appeared on BitcoinEthereumNews.com.

According to cryptocurrency research firm LookonChain, an Ethereum (ETH) whale may sell its assets after lying dormant for five years. From June to August 2017, the whale received 47,260 ETH, worth $11.34 million. The whale’s average cost per coin was roughly $240. Since 2017, the price of ETH has increased by roughly 838%. According to LookonChain, on December 5, 2023, the whale wallet sent 39,260 ETH worth $87.5 million to the cryptocurrency market Kraken. If the whale sells its interests, it will make approximately $78 million. Ethereum Whale incredible investment An ETH Whale has made a transfer that stands to affect the Ether market. The transfer of assets to exchanges is bearish since it raises the likelihood of being sold. While taking profits, the whale may sell its ETH holdings. The wallet in question has already made a $78 million profit. The whale’s assets were valued at roughly $230 million when ETH reached an all-time high of $4878.26 in November 2021. Analysts predict that the crypto sector will see a bull market in 2024. Next year, ETH and other assets, like Bitcoin, may reach new all-time highs.  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 As a result, the whale’s holdings may appreciate in value over the next few months. As a result, the wallet may not sell its holdings quite yet. Some analysts predict that ETH will reach $10,000 during the next bull run. In this case, the whale’s holdings may be valued at $472.6 million. It is improbable that the…

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Filed under: News - @ December 8, 2023 7:24 am