Ethereum Hits $3000 Mark As Whale Takes Profit Amidst Market Surge

Over the weekend, Ethereum, the second-largest cryptocurrency, surged past the $3000 mark, reaching a peak of $3220 today. However, amidst this bullish momentum, an interesting development unfolds as a whale takes advantage of the price surge to secure profits.

The whale in question, who purchased Ethereum a year ago, has decided to capitalize on the recent price increase. Withdrawing a staggering 12,906 ETH, valued at $24.39 million, from Binance, where the tokens were acquired at $1,890 each, the whale proceeded to deposit them into Lido. 

A whale who bought $ETH a year ago seems to be selling $ETH to take profits.

He withdrew 12,906 $ETH($24.39M) from #Binance at $1,890 a year and deposited it into #Lido.

He withdrew 7K $ETH from #Lido when the market dropped on Apr 30 and deposited it into #Binance 15 minutes… pic.twitter.com/wi4qSUllY1

— Lookonchain (@lookonchain) May 6, 2024

When the market experienced a downturn on April 30th, the same whale withdrew 7,000 ETH from Lido and deposited them back into Binance.

This strategic move resulted in a profit exceeding $16 million, showcasing the potential for significant gains in the cryptocurrency market.

Meanwhile, a notable contrast in trading volumes between Hong Kong and the United States highlights the varying levels of activity in different regions.

The total trading volume of six Hong Kong Bitcoin and Ethereum spot ETFs on May 6th amounted to HK$60.41 million, equivalent to just US$7.72 million.

In stark contrast, the trading volume of 11 Bitcoin spot ETFs in the United States on the previous trading day stood at an impressive US$1.88 billion, a staggering 268 times higher than that of Hong Kong.

The total trading volume of the six Hong Kong Bitcoin and Ethereum spot ETFs on May 6 was HK$60.41 million, which was only US$7.72 million. The trading volume of 11 Bitcoin spot ETFs in the United States on the previous trading day was US$1.88 billion, which was 268x that of HK.…

— Wu Blockchain (@WuBlockchain) May 6, 2024

These observations underscore the global nature of the cryptocurrency market and the disparities in trading activity across regions.

While Ethereum’s price surge attracts profit-taking actions from whales, the discrepancy in trading volumes between different markets reflects the diverse landscape of cryptocurrency adoption and investment worldwide.

As Ethereum continues to make headlines, investors and analysts alike will closely monitor market dynamics and whale activity for insights into future price movements and market trends.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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