Two whale wallets offloading significant sums of Ethereum ETH/USD did little to quell the optimism of traders predicting a turnaround for ETH soon.
What Happened: Spot On Chain data highlighted two traders who unloaded 13,680 ETH, worth $41 million. One trader deposited all 6,440 ETH (worth $19.5 million) to Binance, suffering a loss of $2.65 million (-7.74%) from their latest ETH trade. However, the trader’s cumulative profit from ETH still stands at $20.6 million.
The second trader, an inactive whale, deposited the remaining 7,240 ETH ($21.4 million) to Kraken. Having held these tokens for over 1.5 years, the profit is an estimated $12.83 million (+149%).
Price Action: ETH is up 1.4% to $3,031 in the past 24 hours but down 11% over the past seven days.
Why It Matters: Despite the price drop, crypto traders remain optimistic about Ethereum's performance, with the ETF trading approval around the corner.
Industry expert Andrew Crypto highlighted the strong bounce-back of Ethereum, sayinng, "The longer we hold the support levels, the quicker the bears will get exhausted."
Another crypto trader noted they are looking out for a bounce and concluded: "Still just very hard to get bearish at these levels for me."
What’s Next: The influence of Ethereum as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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