Monday, 22 July 2024
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CryptoEthereum

While ETH prices are surging, an Ethereum whale trades $10M USDC for 6K ETH

  • A well-known Ethereum whale demonstrating his belief in the upside potential of the digital currency.
  • On September 29th, 2023, the whale exchanged 9.88 million USDC for 6,000 ETH.
  • Before imitating the actions of whales, retail traders should independently assess their portfolio decisions.

A well-known Ethereum whale (0x828), recently executed a significant trade in Ethereum, demonstrating his belief in the upside potential of the digital currency.

On September 29th, 2023, the whale exchanged 9.88 million USDC for 6,000 ETH as Ethereum’s price soared to above $1,646.

ETH prices

This acquisition indicates that seasoned traders expect Ethereum to continue growing. This year, 0x828 has accumulated Ethereum profitably, making $14 million from two trades that were completed earlier in 2023.

Their third reported Ethereum trade, which would have generated a profit of about $7 million, however, ended in a loss. Since 0x828 continues to invest in Ethereum despite recent volatility, they currently have almost 8,000 ETH worth $13.2 million.

Their trading history highlights the inherent dangers and possible benefits of the cryptocurrency markets. Whales’ behaviors raise concerns regarding long-term ETH accumulation plans notwithstanding their profitability.

The fundamentals of Ethereum are still robust, and developments like Shanghai and expanding ecosystem acceptance point to a successful long-term recovery.

Risks, such as continued macro-uncertainty, nevertheless, still exist. Before imitating the actions of whales, retail traders should independently assess their portfolio decisions.

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