A prominent cryptocurrency whale has strategically bought 5,000 ETH, valued at approximately $11.46 million, during the recent market dip. The accumulation occurred over the past two days, indicating the whale’s confidence in Ethereum’s long-term potential despite short-term volatility.
This isn’t the whale’s first major move. In November 2022, the same entity purchased 5,200 ETH at an average price of $1,322. Over the months of December 2023 and January 2024, the whale sold this ETH at an average price of $2,093, netting over $4 million in profit.
Impact on Market Sentiment
According to Lookinchain, the whale’s recent buy mirrors a trend of smart money entering the market during downturns, suggesting a bullish outlook for Ethereum. Such significant trades often influence the broader market sentiment, as institutional players and major investors tend to follow these trends.Â
As Ethereum remains volatile, the whale’s ability to successfully time market dips and profits from price rallies could inspire confidence among other investors. Analysts are closely watching this move, expecting it to play a role in shaping Ethereum’s price trajectory in the near future.
