Here’s How This Ethereum Whale Made $16 Million From A Single Trade
07 Mai 2024 - 5:00PM
NEWSBTC
An Ethereum whale was recently revealed to have made $16 million
from a single trade involving the second-largest crypto token by
market cap. This whale’s story again highlights how conviction in
an investment can be very rewarding in the crypto space. How
This Ethereum Whale Made $16 Million In A Single Trade On-chain
analytics platform Lookonchain revealed in an X (formerly Twitter)
post that the whale withdrew 12,906 ETH ($24.39 million) from
Binance when the crypto token was still trading at $1,890 a year
ago. With Ethereum currently trading at around $3,100, the whale’s
ETH investment is now worth over $40 million, signifying a profit
of about $16 million. Related Reading: Shiba Inu Price
Prediction: Crypto Analyst Says Massive Surge Is Coming, Here’s The
Target Interestingly, his profits from this trade will likely be
more than $16 million, as the trader deposited those tokens in the
staking platform Lido when he withdrew them from Binance last year.
That means he also earned significant staking rewards to go
alongside his $16 million profit. On-chain data shows the
whale recently withdrew 7,000 ETH ($21 million) from Lido back to
Binance but has yet to offload these tokens. However, that is
something to keep an eye on as the whale offloading those tokens
could have a negative impact on Ethereum’s price. Tron’s
founder, Justin Sun, looks to be another Ethereum whale that could
make such significant returns on their ETH investment. Two wallets
believed to belong to Sun are reported to have accumulated 295,757
ETH ($891M) at an average price of $3,014 since February 12. Since
then, Sun has made some notable moves that could be profitable for
him. One such move is that the Tron founder recently deposited
120,000 eETH into Swell L2, a liquid restaking protocol. Although
Sun claims that this move isn’t profit-motivated, he could still
make huge profits from his venture, considering that restaking is
one of the leading narratives at the moment. The Bull Run
Presenting A Lot Of Opportunities There have been a lot of reports
highlighting how crypto investors and traders have been making
life-changing, which suggests that the bull run is already in full
force despite Bitcoin’s unimpressive price action lately. One
opportunity that these traders have taken advantage of in this
market cycle is meme coins. Related Reading: Here’s Why This
Crypto Analyst Believes Bitcoin Is At A ‘Prime Buy Zone’ Before the
bull run began, there was the belief that memes would be one of the
leading narratives, and that has been the case. Bitcoinist recently
reported two Solana meme coin traders turned $6,400 into $8
million. Meanwhile, Lookonchain revealed a Solana trader who turned
60 SOL ($8,673) into $1.26 million in 2 months, making a 144x
return on his investment. ETH price sees sharp drop | Source:
ETHUSD on Tradingview.com Featured image from Reddit, chart from
Tradingview.com
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