A notable Ethereum whale, identified as “0x682,” has made another substantial deposit of 15,000 ETH (valued at $38.4 million) to the Kraken exchange. This activity, which occurred eight hours ago, has caught the attention of market watchers due to the whale’s history of timing sales before significant price drops.
The diamond-hand whale “0x682” deposited 15,000
$ETH
($38.4M) to
#Kraken
again 8 hours ago!
Notably, in the last 2 deposits, the whale unloaded
$ETH
right before the price dropped sharply, including:
• 10K
$ETH
($34.2M) on Jul 25, before a 7.6% price drop,
• 15K
$ETH
($39.7M)…
https://t.co/VZglPwpAFd
pic.twitter.com/cUNkwvL9VZ
— Spot On Chain (@spotonchain)
September 22, 2024
The whale’s previous actions have sparked speculation regarding potential price movements. On July 25, the whale sold 10,000
ETH
($34.2 million) just before a 7.6% decline in Ethereum’s price. Similarly, on August 20, a sale of 15,000 ETH ($39.7 million) preceded a 2.5% price drop. These transactions suggest a pattern where the whale’s sell-offs are closely followed by notable downward price adjustments.
Current Holdings and Profit Estimations
According to stats from Spot-on-chain
, currently, the whale holds 26,639 ETH, approximately valued at $69.7 million. With an estimated total profit of $132 million, reflecting an 86% gain, the whale’s trading strategy appears highly profitable. This data, visualized in the attached PnL overview chart, shows realized gains of $104.283 million and unrealized gains of $27.646 million.
Given the whale’s history, there is heightened speculation about how Ethereum’s price might react following this latest deposit. Market participants are closely monitoring for any signs of a significant sell-off that could once again impact prices. The question remains: will the market experience another sharp decline, or will this deposit signal a different strategic move by the whale?
Tags:
ETH
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