How Are Whales Trading as Ethereum Nears 2021 All-Time High?

Ethereum (ETH) is experiencing significant market activity as the price approaches an all-time high (ATH) of over $4,800 from November 2021. At the time of writing, the altcoin was trading at $4,741, just 2.7% below its record peak. 

This surge has triggered substantial whale movements, with major investors and entities executing large-scale trades.

Ethereum Nears ATH as Whale Buying and Selling Spree Rises

Lookonchain, a blockchain analytics firm, highlighted that an Ethereum initial coin offering (ICO) whale liquidated 4,283 ETH worth nearly $18.7 million. The whale spent $31,000 to acquire 100,000 ETH and has been realizing profits. 

“He has sold 44,284 ETH ($105 million) at an average price of $2,378 since 2021, leaving 55,716 ETH ($261.6 million). The total profit is ~$366.8 million, an 11,835x return!” the firm reported.

Furthermore, the Radiant Capital hacker is also offloading its ETH holdings. BeInCrypto reported that the lending protocol lost over $50 million in a major multi-chain hack in October. 

It was later revealed that the theft was reportedly the work of UNC4736, a North Korean group. Lookonchain highlighted that the malicious actor has made quite a profit from these stolen funds by betting on ETH.

“10 months ago, the hacker stole $53 million from Radiant Capital and swapped it all for 21,957 ETH,” the post read.

The firm noted that the hacker is now liquidating the ETH for profit. On-chain data showed that the exploiter sold 9,631 ETH, worth $43.9 million, at $4,562 per ETH. This leaves the hacker with 12,326 ETH, worth around $58.6 million. 

“The Radiant Capital hacker turned the stolen $53 million into $102.54 million by trading ETH, a profit of $49.5 million (+93.5%),” Lookonchain wrote.

While profit-taking continues, other Ethereum whales have shifted strategies. On-chain analyst EmberCN posted that an investor who previously sold ETH has now moved to the buying side.

Last week, the whale traded 10,256 ETH for 39.336 million Tether (USDT). However, today he returned to the market. He purchased 10,730 ETH with 50.596 million USDT, at an average price of $4,715 per ETH.

Following this, the whale added another 4,201 ETH to their holdings, spending 20 million USDT. 

“Another missed opportunity in the market cycle, and the train has already left the station, forcing a re-entry at a higher price?” the analyst said.

Overall, the investor has bought back 14,931 ETH today, investing 70.596 million USDT, with an average price of $4,728 per ETH. Further on the accumulation front, an unknown institution or whale has aggressively purchased 33,402 ETH through 2 wallets.

According to Lookonchain, the mysterious investor acquired approximately 379,000 ETH over the last 10 days. This buying spree, valued at over $1.8 billion, suggests strong interest in ETH.

In a separate development, Whale Alert tracked the transfer of 60,000 ETH from Coinbase Institutional to a new wallet. Additionally, a newly created wallet, 0xd537, withdrew 3,606 ETH, valued at $17.06 million, from Binance.

These whale activities indicate confidence in Ethereum’s potential. Furthermore, they reduce the likelihood of immediate sales, helping to alleviate selling pressure and potentially fostering a more stable or bullish market environment, especially if demand continues or increases. This could also signal an accumulation phase.