Recently, Lookonchain, a reputable on-chain crypto market resource, conducted an in-depth analysis of the mood surrounding Ethereum (ETH) as it not only surpassed the $2,000 threshold but also maintained this level for several consecutive days.
The primary objective of this analysis was to decipher whether the recent actions of crypto whales and influential investors indicated a bullish or bearish outlook toward ETH. The subsequent series of tweets from Lookonchain offered a comprehensive examination of the movements of these whales within the Ethereum market.
Bullish or Bearish on $ETH?
Did SmartMoneys and Whales buy or sell $ETH over the past week?
Here is a thread. pic.twitter.com/8yvCO0UI9H
— Lookonchain (@lookonchain) November 14, 2023
Ethereum Whales Are on the Move
An Ethereum whale, known by the identifier “0xE4F4,” has recently made a significant move. This investor, who had been inactive for nearly three years, transferred a hefty sum of 26,406 ETH, equivalent to $54 million, to the Bitfinex exchange. This whale now possesses Ethereum worth $123.4 million amidst the current market activity. This substantial transaction from a previously dormant account has drawn considerable attention.
In a similar vein, the Ethereum whale known as “0xBf71” made a substantial deposit of 30,001 ETH, equivalent to $62 million, into Binance. As per data from Lookonchain, this investor has experienced a considerable total loss, estimated at around $183 million.
Lookonchain also pointed out two wallet addresses that might belong to the same person. These addresses initially staked 5,000 ETH on May 26. Interestingly, on November 10, the same day Ethereum reached $2,120, they withdrew 5,090 ETH and transferred it to exchanges. Whale investors have been observed unstaking their ETH and transferring it to exchanges, presumably to capitalize on the recent gains. Moreover, a savvy whale, known for its profitable track record, transferred 25,700 ETH to Binance right before the rally.
As the value of ETH surged, this investor managed to secure profits amounting to $1.5 million. However, the rally didn’t just prompt selling. Some whales seized the opportunity to buy, acquiring 3,200 ETH coins in the wake of the rally.