Renowned for their “diamond hands,” an Ethereum whale moved an astounding 15,000 ETH worth more than $38 million—to the well-known cryptocurrency exchange Kraken.
This unexpected behavior has rocked the cryptocurrency market and raised concerns about the whale’s approach and its influence on Ethereum’s price path.
Investors who firmly believe in long-term gains that is, who hang onto their investments despite market swings are known as “diamond hands.” This whale, previously known for possessing a large quantity of ETH, appears to be taking deliberate actions that pique the interest of crypto analysts.
Ethereum Whale Tracked
Blockchain analytics company Lookonchain observed the whale’s most recent movement; it revealed the 15,000 ETH deposit mere hours ago. In the past, the whale’s activities had a direct impact on the market.
A 7.6% price loss followed a previous large transfer of 10,000 ETH valued at $34.2 million on July 25, which preceded notable price declines. Just before a 2.5% price drop, another 15,000 ETH transfer valued at $39.7 million arrived on August 20.
With a projected total profit of $132 million a stunning 86% return on their Ethereum investments—the whale still boasts 26,639 ETH, valued at around $69.7 million. For ETH, which recently saw a big surge following the U.S.
Federal Reserve’s surprising decision to slash interest rates by 50 basis points rather than the projected 25, this action comes at a critical junctur. This news drove a market boom, with Ethereum’s price rising over 6.39% last week and reaching a high of $2,632 on Sunday before encountering resistance.
ETH’s price has dropped slightly to $2,565 at the time of writing, 0.02% in the last 24 hours, as the market shows some profit-taking following the most recent surge. An Ethereum whale moves 15,000 ETH valued at $38 million to Kraken, causing market concerns about Ethereum’s price and future impact.
