Crypto Whale Bags $29M Profit After Massive Ethereum Moves

A mysterious crypto whale has profited more than $29 million through a series of strategic trades, aggressively accumulating Ether (ETH), the second-largest digital asset by market capitalization. Crypto whales are often known for their large transactions.

Blockchain analytics platform Lookonchain revealed that the trader borrowed approximately 66,000 ETH, valued at around $265 million, from lending platform Aave. According to Lookonchain, this transaction occurred two weeks ago.

$610M Loan Using USDC Collateral

To secure the loan, the whale used $610 million in USDC as collateral. They then deposited the borrowed ETH to Binance when the price of ETH was around $4,020 per coin. Following the transaction, over the past two days, the whale has withdrawn approximately 174,166 ETH, worth $621 million, from the Binance crypto exchange at a lower price of $3,568.

After repaying the borrowed funds, the trader still holds approximately 108,105 ETH (roughly $380 million) at current market prices. Despite the price difference, the whale still gained over $29 million. While the move is remarkable, it also comes amid a notable decline in the price of major crypto assets, including ether.

ETH has faced increased volatility amid broader market uncertainty. However, large transactions like this often fuel discussions about potential price movements, as whale activity can significantly influence market sentiment and activity.

While the identity of this savvy trader remains undisclosed, their recent moves demonstrate how big players manage to navigate the crypto market amid a market correction with confidence and at the right time.

Not the First

Meanwhile, the latest event is not new to the crypto space, as many traders have made substantial gains in the past. Last month, another crypto whale made an impressive profit by betting big on ETH with a $47 million long position.

CoinTab disclosed that the whale’s move showed strong confidence in the crypto asset, which eventually paid off. While some believed it might be a lucky bet, others predicted that the trader might have insider knowledge to pull it through.

In line with making a profit, there is an increasing awakening of dormant whales. In early September, a bitcoin whale transferred 955 BTC, approximately $108.8 million at the time, to a Kraken cryptocurrency exchange wallet after a 13-year period of inactivity. This savvy trader purchased the asset in 2012 for $12, highlighting the massive returns profited from their early investments and patience.

The post Crypto Whale Bags $29M Profit After Massive Ethereum Moves appeared first on CoinTab News.