Ethereum Whale Withdraws 10,000 ETH Worth $31.91M, Signals Long-Term Hold Strategy

• Whale withdraws 10,000 ETH, signaling long-term confidence in Ethereum’s future.
• Ethereum whale stakes funds through Lido, betting on long-term growth.
• Despite volatility, whale’s move highlights strong belief in Ethereum’s value.

A significant move was recently made on the Ethereum network as a whale withdrew 10,000 ETH, valued at $31.91 million, from the Bitget exchange. This transfer was spotted by on-chain analytics platform Lookonchain, marking a notable shift in the whale’s strategy. The funds were moved into a private wallet, signaling a long-term hold strategy despite Ethereum’s recent volatility.

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Whale’s Move Reflects Growing Confidence in Ethereum’s Future

Following the withdrawal, the whale’s total Ethereum holdings in the wallet rose to 34,188 ETH, worth about $108.8 million. Such a move typically reflects a strategy of accumulation rather than short-term trading, suggesting that the whale is confident in Ethereum’s future prospects. The transfer from Bitget to a self-custody wallet indicates that the whale is not looking to sell anytime soon but is instead positioning the assets for long-term growth.

Further analysis from Lookonchain revealed that the whale has staked its Ethereum via Lido, which aligns with the long-term outlook. By staking, the whale is actively participating in Ethereum’s Proof-of-Stake network, suggesting confidence in Ethereum’s future and potential rewards.

Market Caution Amid Whale’s Long-Term Strategy

Ethereum’s price has experienced fluctuations, with the coin recently rising from $3,059.98 to $3,238.56 over a 24-hour period. As of the latest data, Ethereum is priced at $3,164.88, showing a modest increase of 2.02%. Despite these fluctuations, the whale’s actions indicate they are unfazed by short-term price movements and are focused on Ethereum’s long-term growth.

This move comes amidst a broader trend of caution in the market, with trading volume dropping by 8.44% to $28.03 billion. This caution may be linked to events like BlackRock’s recent offloading of $135 million in Ethereum. However, the whale’s actions show that some investors remain confident in Ethereum’s long-term potential, positioning themselves for future gains as the market stabilizes.

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