Ether whales caught cashing out amid 13% price surge

Ethereum (ETH), the second-biggest crypto, took off on Thursday after Bitcoin (BTC) smashed the new all time high over Donald Trump’s major win. Ether price surged by around 13% in the last 24 hours, keeping the market momentum bullish, as it was expected to be post elections.

A fresh upward run for ETH opened the gates for whales to cash out, while the global crypto market cap jumped by more than 3% over the last day to stand at $2.52 trillion. The 24-hour trading volume is hitting back-to-back top racks; it stood at around $190 billion as bulls took over.

ETH whales dump $124M

Data shows that several crypto whales cumulatively dumped $124 million worth of Ether over the last 24 hours. It mentioned that an Ethereum ICO whale “0xB8c” unloaded 25,000 ETH (approx. worth $65.67 million) to the crypto exchange, Kraken, at a trading price of $2,627. This whale is still holding 64,450 Ether (approx. worth $181 million) with it.

Another whale “0x0c1” decided to make a re-entry after 8.75 years and sold off 8,701 Ether for 24.05 million USDC. This dump came at a price of $2,764 per ETH, which allowed the whale to book a profit of $30.48 million. He is still holding 2,304 ETH (approx. worth $6.5 million).

A similar dormant whale “0x7f6” woke and began to sell on-chain. This whale had withdrawn 12,001 ETH (then $103K) from ShapeShift in early 2016 at an average price of $8.58. It suggests that this whale can mark a $34 million profit, which would be a 330x return, if it just hit the sell button.

Ether erases losses

The recent surge has helped Ether to vanish its past losses. Ethereum price is up by 18% in the last 30 days. ETH is trading at an average price of $2,844, at press time. Its 24-hour trading volume is up by 41% to stand at $39.73 billion. 

CoinGlass data shows that $64.25 million worth of long and short bets fixed on Ether price got liquidated in the last 24 hours. More than $43.23 million worth of liquidated bets (67%) turned out to be short positions. This suggests that traders were not prepared for an Ether reversal at the moment.

Tether, the issuer of the biggest stablecoin USDT, has injected 1.845 billion USTD to exchanges on Ethereum over the last 12 hours. It pushed $1.706 billion to Binance, $101.7 million to Coinbase, $20 million to OKX, and $17.86 million to Kraken.

This major move comes after the Tether Treasury minted 2 billion USDT on Ethereum. However, it burnt 1 billion USDT on Tron on the last day. The stablecoin issuer has reportedly 37 billion USDT across Ether and Tron over the past year.