- Recent on-chain data reveals that a large Ethereum holder took advantage of the recent surge in ETH to move over $60 million worth of the asset to Binance.
- If this anonymous whale opts to sell their ETH holdings, they will face a substantial loss of $180 million, despite the recent upward trend in the asset’s price.
ETH’s Price Boost due to BlackRock’s ETF Speculations
While not officially confirmed, many within the cryptocurrency community believe that the market has transitioned into a full bull market phase. This theory is supported by the recent price hikes seen across several leading digital assets.
Ethereum, in particular, had somewhat lagged behind, despite experiencing a $300 increase in price within the last few weeks of October. However, other assets such as BTC, SOL, TON, and others have significantly outperformed the second-largest cryptocurrency.
This changed recently when BlackRock, the world’s biggest asset manager, registered the iShares Ethereum Trust in Delaware, leading to speculation about the potential filing for a spot ETH ETF.
Similar to previous months with BTC’s filing, this news greatly impacted the price of ETH. The asset surged from around $1,900 to a multi-month peak of over $2,100 in just a few hours, resulting in the liquidation of millions of short positions.
ETH Whale Facing Potential Huge Loss?
In the midst of this significant price rally, a certain Ethereum whale, tracked by the on-chain monitoring resource Lookonchain, chose to deposit 30,001 ETH to Binance. In terms of USD value, this large amount is currently worth just over $63 million.
Curiously, the same whale had sent 10,000 ETH to Binance on November 2, when the asset surged to almost $1,900.
However, Lookonchain reports that the anonymous whale had withdrawn over $450 million worth of ETH while its price was much higher at $3,672. Therefore, if they were to liquidate the fortune deposited today, they would incur a loss of around $180 million, according to Lookonchain.
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