Ethereum Rally Spurs Profit Surge As Ancient Whale Cashes Out Millions

2024-10-1 13:42

Ethereum’s price rally this week has significantly boosted market sentiment, with the percentage of addresses “in the money” soaring from 59% to 69%.

Additionally, more than 80% of ETH trading volume is now in profit, signaling strong buying support at crucial price levels.

ETH’s rally this week quickly pushed the percentage of addresses 'in the money' from 59% to 69%. Even more impressive, over 80% of ETH volume is now in profit, reflecting solid buying support at key levels. pic.twitter.com/KBCu10WNGP

— IntoTheBlock (@intotheblock) September 28, 2024

This surge in profitability is accompanied by a rise in Ethereum network activity, as total fees reached their highest levels since early June 2024.

Total Ethereum fees saw a remarkable surge this week, reaching their highest level since early June 2024. pic.twitter.com/JepYhMMEiX

— IntoTheBlock (@intotheblock) September 27, 2024

An ancient Ethereum whale, inactive for four months, resurfaced to cash in on the rally. The whale, who originally acquired 21,632 ETH from ShapeShift and Poloniex back in 2016 at a price of just $7.07 per ETH, sold another 12,979 ETH this week for $34.3 million.

This sale follows the whale’s previous liquidation of 15,879 ETH since May, netting a total of $43.5 million at an average price of $2,739 per ETH. The whale now holds 5,760 ETH, valued at approximately $15.5 million. In total, the whale’s estimated profit stands at a staggering $58.84 million—an incredible 141x return on their initial investment.

After 4 months of silence, an ancient #Ethereum whale with a $58.8M profit cashed in another 12,979 $ETH for $34.3M this week, as $ETH rebounded ~6%!

Originally withdrawing 21,632 $ETH from #ShapeShift and #Poloniex in 2016 at $7.074/ETH, the whale has sold 15,879 $ETH since… pic.twitter.com/JrtBinVnj6

— Spot On Chain (@spotonchain) September 28, 2024

Ethereum ETFs Market Recorded Notable Net Inflow Of $58 Million 

In parallel, Ethereum saw substantial inflows in the ETF market. On September 27, the total net inflow of Ethereum spot ETFs reached $58.65 million. Grayscale’s ETF, ETHE, experienced a $10.72 million outflow, while Fidelity’s ETF, FETH, recorded a significant $42.54 million inflow. BlackRock’s ETHA also saw a $11.46 million inflow, highlighting institutional interest in Ethereum.

On September 27, the total net inflow of Ethereum spot ETFs was $58.6487 million. Grayscale ETF ETHE had an outflow of $10.7183 million, Fidelity ETF FETH had an inflow of $42.5389 million, and BlackRock ETF ETHA had an inflow of $11.4592 million. https://t.co/Tvs2oCS03I

— Wu Blockchain (@WuBlockchain) September 28, 2024

As Ethereum’s price continues to rise, both retail and institutional investors are seizing the opportunity, signaling strong market confidence in the cryptocurrency’s future trajectory.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: stevanovicigor/123RF // Image Effects by Colorcinch

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