The cryptocurrency market is abuzz with activity as Ethereum (ETH) whales, after periods of dormancy, have begun making significant moves. Lookonchain, a prominent on-chain crypto market analysis resource, has delved into the recent Ethereum market trends, particularly focusing on the actions of these large-scale investors amid ETH’s surge above $2,000.
Significant Whale Movements in the Ethereum Market
One of the most notable activities observed was from an Ethereum whale, identified as “0xE4F4,” who transferred a massive 26,406 ETH, worth about $54 million, to the Bitfinex exchange. This move is particularly intriguing as the whale had been inactive for nearly three years and now holds Ethereum assets valued at $123.4 million.
Another whale, known as “0xBf71,” deposited 30,001 ETH, valued at $62 million, into Binance. This investor, according to Lookonchain, has faced a significant total loss of around $183 million.
Whale Re-entries and Accumulations
Lookonchain also highlighted the activities of a whale who re-entered the market after seven months of inactivity, accumulating Ethereum worth $6.7 million. This investor now possesses 183,742 ETH, valued at approximately $387.8 million, with an unrealized profit of around $154 million.
Additionally, the analysis pointed out two wallet addresses, potentially linked to the same individual, which initially staked 5,000 ETH on May 26. Interestingly, on November 10, the same day Ethereum reached $2,120, they withdrew 5,090 ETH and deposited it into exchanges.
Mixed Market Sentiments: Bullish vs. Bearish
While Lookonchain’s analysis provided detailed insights into these whale movements, it stopped short of categorically defining the market sentiment as either bullish or bearish. Traditionally, whales moving funds to centralized exchanges is perceived as a bearish signal, potentially indicating a sell-off for profit-taking. Conversely, the observed accumulation spree could be interpreted as a sign of bullish sentiment.