A whale investor in Ethereum (ETH) with wallet address 0x7a9 has amassed almost $100 million in unrealized gains after a recent euphoric surge in the price of the cryptocurrency. This high profit margin, as reported by data analytics firm Spot On Chain, surfaced following the whale’s execution of many large transactions totaling 173,859 ETH through prominent platforms Binance and 1inch.
The acquisition, which took place between February 9 and 24, required an initial payment of about $496 million, or about $2,853 per ETH on average. The buys’ timing seems to have been carefully thought out, since Ethereum’s value has increased by 41.5% in the previous 20 days. Consequently, the whale’s Ethereum holdings have increased in value to an estimated $601 million, indicating a $105 million gain on the initial investment.
https://x.com/spotonchain/status/1763110720617496578?s=20
Major Ethereum accumulation trend
The present positive trend in the Ethereum market is not limited to individual whales. Large-scale investors have been gathering ETH in recent weeks, according to reports, which point to a developing trend in this direction. Known for his investments, prominent bitcoin personality Justin Sun is one of them.
Transaction data from Lookonchain indicates that last week, 13,780 ETH, or around $41.24 million, were purchased from Binance by a wallet that appears to be associated with Sun. This wallet is said to have accumulated 168,369 ETH in total during the month of February, or around $487 million, at an average purchase price of $2,894.
This bounty coincides with a more general upswing in the Ethereum market, where the token is currently trading at $3,456. Together with a notable rise in trading volume that has increased by 84.38% to reach $36.88 billion, this signifies a 3.45% gain over the last day.
The activities of these well-known investors demonstrate the increasing optimism that the cryptocurrency community has for Ethereum’s commercial potential. Market observers are closely monitoring Ethereum’s price fluctuations as more whales continue to build up sizable investments in hopes of spotting potential future trends.
