Ethereum
Here’s How This Ethereum Whale Made $16 Million From A Single Transaction
A Ethereum Whale recently revealed that it made $16 million from a single trade involving the second-largest crypto token by market capitalization. The story of this whale highlights once again to what extent the conviction of a investment can be very rewarding in the crypto space.
How This Ethereum Whale Made $16 Million in a Single Transaction
Lookonchain On-Chain Analytics Platform revealed in an X (formerly Twitter) job 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, representing a profit of around $16 million.
Interestingly, his profits from this transaction will likely amount to over $16 million, as the trader deposited these tokens into the Lido staking platform when it removed them from Binance last year. This means he also won some significant staking rewards to go along with his $16 million profit.
On-chain data shows the whale recently removed 7,000 ETH ($21 million) from Lido to Binance, but has not yet unloaded these tokens. However, this is something to watch out for, as the whale offloading these tokens could negatively impact the price of Ethereum.
Tron founder Justin Sun appears to be another Ethereum whale that could generate similarly large returns on his ETH investment. Two wallets believed to belong to Sun are reported having accumulated 295,757 ETH ($891 million) at an average price of $3,014 since February 12. Since then, Sun has made some notable moves that could benefit it.
One of these steps is that the founder of Tron recently filed 120,000 eETH in Swell L2, a liquid restoration protocol. Although Sun says the move is not profit-driven, he could still make huge profits from his venture given that the buyout is one of the biggest narratives at the moment.
The Bull Run presents many opportunities
There were many reports highlighting how crypto investors and traders have turned their lives around, suggesting the bull run is already in effect despite Bitcoin. unimpressive price action lately. One opportunity these traders have taken advantage of in this market cycle is coins.
Before the bull run began, it was believed that memes would be one of the main 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, achieving a 144x ROI.
ETH price sees sharp drop | Source: ETHUSD on Tradingview.com
Featured image from Reddit, chart from Tradingview.com